Report assesses financial institutions' responsibility to respect human rights: Case study on extractives
In December 2013, the Dutch Fair Bank Guide and the Dutch Fair Insurance Guide, as part of an initiative by Amnesty Netherlands, issued a report assessing the extent to which 16 financial institutions comply with the "responsibility to respect" human rights, as set out in the UN Guiding Principles, with regard to their investments. A summary of the report is available here.
The report examines financial institutions' policies & practices towards 10 extractive companies associated with severe human rights abuses. The extractive companies selected were Barrick Gold, Freeport-McMoran, Glencore Xstrata, Goldcorp, Oil and Natural Gas Corporation (ONGC), PetroChina/CNPC, Posco, Shell, Trafigura, and Vedanta Resources.
The report assesses whether the financial institutions "have made use of their influence on the companies’ behaviour with regard to human rights" and scores financial institutions based on their bank investments, insurance investments, and asset management. The 16 financial institutions evaluated were ABN Amro, Achmea, Aegon, Allianz, APG, ASN Bank, ADR Nederland, Delta Lloyd, Generali, ING, Legal & General, NIBC, Rabobank, SNS Reaal, Triodos, and Van Lanschot.
Business & Human Rights Resource Centre invited the financial institutions with the lowest scores to respond:
- ABN Amro response [DOC]
- Allianz response [DOC]
- APG (Loyalis) response [PDF]
- Delta Lloyd response [DOC]
- Generali indicated it will respond next week - we will indicate here whether it responds
- ING response [DOC]
- Legal & General response [DOC]
- Rabobank has not yet responded - we will indicate here whether it responds
The following extractive companies were also invited to respond:
The following extractive companies have issued previous statements regarding the allegations referred to in the report: