Banking without Principles?! – Banks rate low in BankTrack report

In June 2016, BankTrack published its second edition of “Banking with Principles? – Benchmarking Banks against the UN Guiding Principles on Business and Human Rights“. Using 12 criteria in 4 categories (policies, due diligence commitments, reporting and access to remedy), based on the UN Guiding Principles on Business and Human Rights, BankTrack assessed 45 of the largest banks globally, including Commerzbank and Deutsche Bank.

Even though the UN Human Rights Council unanimously endorsed the Guiding Principles five years ago, most of the banks are only slowly implementing the policies. 35 of the 45 banks assessed obtained less than 6 points out of a possible 12 and no bank achieved more than 8 points. As BankTrack points out, there are three categories where not one of the banks has implemented any steps to meet their responsibility. These are: including meaningful consultation with potentially affected people in due diligence; ensuring that reporting on specific human rights impacts is good enough to evaluate the bank’s response; and establishing grievance mechanisms that meet the effectiveness criteria of the Guiding Principles.

You can find the full report „Banking with Principles? – Benchmarking Banks against the UN Guiding Principles on Business and Human Rights“ here.

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