Goldman Sachs, HSBC, JPMorgan and nine other investment banks have declined to sign petition with 1,400 public signatures demanding government amend immigration policy to give same-sex spouses equal rights to straight counterparts.
Out of 13 investment banks invited by non-profit Community Business to sign a petition, triggered by a court case last year, only the Commonwealth Bank of Australia agreed to sign.
“Everyone was asked to sign the petition, but the banks’ legal and compliance departments were not supportive. They are afraid there might be negative consequences; it might be seen to be a move against the government,” said Fern Ngai, chief executive of Community Business.
Community Business approached the banks, including Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Bank of America Merrill Lynch, Standard Chartered, Barclays Capital, Nomura, ANZ, UBS and Credit Suisse, as they are regularly heralded as the most inclusive to LGBT employees in the Hong Kong workplace.
HSBC spokesman Gareth Hewett told the South China Morning Post that the bank “prefers to work through other channels to support the LGBT community, using our senior leadership where appropriate and ensuring they are kept up to date with the latest developments”.
Steven Victorin, global head of corporate banking subsidiaries at Bank of America Merrill Lynch, said: “If you are looking at the fundamental rights of securing visas today, there are limitations that we look forward to working with the appropriate government agencies on. It’s going to take some time.”
He added that lobbying in Hong Kong for this is “not really something that’s being done in the community here”.
Sources close to the other banks involved have noted that there were concerns of setting a precedent that would see individual court cases being influenced, and opening the door to a flood of other future petition campaigns.
The campaign was launched in support of “QT” who lost a court case with the immigration department last year in which she argued she was not granted a dependent visa despite being legally married in another country and that a visa would have routinely been granted to a heterosexual couple.
Out of 13 investment banks invited by non-profit Community Business to sign a petition, triggered by a court case last year, only the Commonwealth Bank of Australia agreed to sign.
“Everyone was asked to sign the petition, but the banks’ legal and compliance departments were not supportive. They are afraid there might be negative consequences; it might be seen to be a move against the government,” said Fern Ngai, chief executive of Community Business.
Community Business approached the banks, including Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Bank of America Merrill Lynch, Standard Chartered, Barclays Capital, Nomura, ANZ, UBS and Credit Suisse, as they are regularly heralded as the most inclusive to LGBT employees in the Hong Kong workplace.
HSBC spokesman Gareth Hewett told the South China Morning Post that the bank “prefers to work through other channels to support the LGBT community, using our senior leadership where appropriate and ensuring they are kept up to date with the latest developments”.
Steven Victorin, global head of corporate banking subsidiaries at Bank of America Merrill Lynch, said: “If you are looking at the fundamental rights of securing visas today, there are limitations that we look forward to working with the appropriate government agencies on. It’s going to take some time.”
He added that lobbying in Hong Kong for this is “not really something that’s being done in the community here”.
Sources close to the other banks involved have noted that there were concerns of setting a precedent that would see individual court cases being influenced, and opening the door to a flood of other future petition campaigns.
The campaign was launched in support of “QT” who lost a court case with the immigration department last year in which she argued she was not granted a dependent visa despite being legally married in another country and that a visa would have routinely been granted to a heterosexual couple.
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Reader's Comments
Petitions have individuals' signatures.
People must have free choice.
This campaign's tactics smacks of bullying and intimidation. Nasty.
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