HSBC Holdings PLC (LSE:HSBA)'s head of public affairs, Sir Sherard Cowper-Coles, has issued an apology for comments he made at a private event in London in June, where he suggested that the UK was "weak" for complying with the US's anti-Chinese business policies.
Sir Sherard suggested that the UK should prioritise its own interests rather than following the US's lead.
He cited the UK's decision to ban Chinese telecoms giant Huawei from participating in the country's 5G network development in 2020 as an example of the UK yielding to US demands.
According to reports, the remarks were met with surprise by some attendees who found his candour unsettling despite having heard similar views from him before.
Sir Sherard, who also chairs the China-Britain Business Council (CBBC) lobby group, today clarified that these comments were personal and did not represent the views of HSBC or the China-British Business Council.
Bloomberg reported that his comments were made during a closed-door meeting under the Chatham House Rule, which allows for the use of information from discussions but prohibits the revelation of the speaker's identity.
"I was speaking at a private event under Chatham House Rules and my personal comments do not reflect the views of HSBC or the China-British Business Council. I apologise for any offence caused," Sir Sherard stated in today’s apology.
HSBC was originally established in Hong Kong in the 19th century and generates most of its revenue from Asia, including China.
Sir Sherard, a former British ambassador with experience in Saudi Arabia, Israel and Afghanistan, oversees HSBC's public policy and advises chairman Mark Tucker and other senior executives.
His comments made in June reflect a frustration often felt but seldom voiced in the business community due to the potential for backlash.
This sentiment was expressed following a trip to China where Sir Sherard met with senior government officials in his role as CBBC chairman. He reassured attendees that HSBC's relations with China were stable.
Sir Sherard has previously advocated for improved UK-China relations. In February 2021, he urged the UK to engage with China on its own terms and for its own interests.
He also criticised the dominance of American financial services in China and the UK's struggle to establish an economic and financial dialogue.
Earlier this year, he appeared on the state-backed Chinese broadcaster CGTN, where he suggested that Western politicians were attempting to "demonise China", while businesses understood the "complexity" of operating in the country.