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27 Jun 2016

Facing Finance

NGO rejoinder by Facing Finance

"Facing Finance Rejoinder to Deutsche Bank’s response on the report 'Banking on Unsafe Working Conditions - placing profits before protection of casino & hotel workers’ human rights in Deutsche Bank’s U.S. Supply Chain,'" Jun 2016

…Deutsche Bank’s response to the…report fails to address the issues raised, or react to the authors’ recommendations...[T]he bank negates its responsibility as a shareholder of Red Rock Resorts, in which it continues to hold a 16-18% financial interest and 3.6-3.9% voting rights…This lack of accountability stands in stark contrast to the explicit commitment voiced by Deutsche Bank…Deutsche Bank has…publically acknowledged the UN Guiding Principles on Business and Human Rights, the Principles of the UN Global Compact and the OECD Guidelines…While Deutsche Bank claims to be operating “in a manner that is consistent with high ethical standards”, Facing Finance cannot agree…Deutsche Bank is obliged in multiple ways to take measures to improve the labour conditions at Station Casinos…Facing Finance endorses the call by the study’s authors for Deutsche Bank to recognize its responsibility for human rights in its business activities with Station Casinos instead of hiding behind the claim to have no governance rights over the casino operator.