Resources in 'Finance and Banking'

Finance and banking institutions can cause, contribute, to or be directly linked to adverse human rights impacts. Examples of adverse impacts linked to the sector include a pension fund investing in private prisons that employ forced prison labor, investing in food and beverage companies that systematically buy produce from farms using child labor, or investing in companies that sources conflict minerals. Financial institutions may also contribute to human rights abuses by lending money to agricultural companies involved in land grabs, for example, or by funding infrastructure projects that displace Indigenous populations.

The UN Guiding Principles on Business and Human Rights and the OECD Guidance on Responsible Business Conduct for Institutional Investors call on businesses and institutional investors alike to ensure that, at a minimum, their activities respect the rights contained in the International Bill of Rights and the ILO Core Conventions. Where financial institutions, public or private, may impact people, they should uphold their human rights responsibilities by conducting human rights due diligence, including by adopting relevant company policies and processes. This responsibility extends to international development financing organizations such as the World Bank Group, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and investment funds operated by national governments.

In a statement sent to European Union policy-makers, members of the United States Congress, the Organization for Economic Co-operation and Development (OECD) and the UN Working Group on Business and Human Rights, a group of institutional investors representing $1.9

This report by Global Witness and partners calls for action to ensure strong regulation of the financial sector to avoid environmental, social, and governance risks.

This document is a note from the OECD Secretariat regarding the understanding of the scope and applicability of the Guidelines within the financial sector. This concerns the description of the term “business relationships” and what is meant by this term under the Guidelines.

This paper explains the application of the OECD Guidelines for Multinational Enterprises in the context of institutional investors.