HSBC tables company vote on phasing out financing of coal

Bank's vote, binding if approved by 75% of shareholders, follows investor pressure to cut clients' loans

HSBC has bowed to investor pressure by ramping up its climate commitments and tabling a shareholder vote on plans to phase out coal financing by 2040.

Fifteen pension and investment funds, led by the campaign group ShareAction, have agreed to withdraw their own environment resolution ahead of HSBC's annual general meeting on 28 May.