Noel Quinn and Warren East join business leaders and public figures in the new year honours.

The former chief executives of HSBC and Rolls-Royce have been knighted in the New Year Honours, recognising their contributions to finance, industry, and the environment. Noel Quinn and Warren East join a host of business leaders, entertainers, and public servants celebrated for their achievements this year.

Noel Quinn, 62, led HSBC from 2019 until September, earning a knighthood for his services to finance and net zero. Under his leadership, the banking giant underwent a significant transformation, culminating in record-breaking profits of £17 billion in 2023. Quinn also spearheaded the bank’s ambitious goal to achieve net zero carbon emissions by 2050 and played a key role in the Glasgow Financial Alliance for Net Zero, aligning financial institutions with global environmental targets. His compensation, which doubled to £10.6 million in 2023, drew both acclaim and criticism.

Meanwhile, Warren East, 63, who helmed Rolls-Royce between 2015 and 2022, was knighted for his services to the economy and sustainability. East guided the jet engine manufacturer through turbulent times, including the COVID-19 pandemic, which devastated the aviation sector. His tenure also involved navigating the fallout from a £671 million bribery and corruption settlement predating his leadership. Despite these challenges, East drove innovative efforts, such as the development of sustainable aviation fuels, positioning Rolls-Royce at the forefront of green aviation.

Andrew Haines, 60, the chief executive of Network Rail, also received a knighthood. Haines has been pivotal in shaping the future of British railways, leading the transition to a publicly run model under Great British Railways. His recognition highlights his contributions to the transport sector and the UK economy.

Beyond the knighthoods, the honours list included several notable business leaders. John Flint, who preceded Quinn as HSBC’s chief executive, was awarded a CBE. Despite his controversial ousting in 2019, Flint later took the reins of the UK Infrastructure Bank, steering its evolution into the National Wealth Fund this year.

Poppy Gustafsson, 42, co-founder of cybersecurity firm Darktrace, was also made a CBE. Gustafsson’s contributions to the tech industry and her recent appointment as a minister for investment under the Labour government underscored her influence.

Fashion and retail were represented by Leena Nair, 55, chief executive of Chanel, who received a CBE, and Richard Price of Marks & Spencer, who was awarded an MBE for his work in fashion and design.

Additionally, Louis Taylor, 58, and Catherine Lewis La Torre, 59, leaders of the British Business Bank, were honoured with CBEs for their contributions to business and trade.

The honours highlight a diverse array of achievements across industries, with an emphasis on sustainability, innovation, and economic impact. However, the inclusion of figures linked to past controversies, such as Rolls-Royce’s corruption scandal and debates around banking compensation, has sparked discussions about the selection process.

As the country reflects on the contributions of these individuals, the honours serve as a reminder of the complex legacies behind many of the year’s most celebrated achievements.