UBS response re Berne Declaration report on Swiss banks and human rights
Berne Declaration's report "One Step Forward, Two Steps Back" is an update to the organization's 2010 report "Without Map or Compass". Our response to "Without Map or Compass" can be downloaded from http://www.business-humanrights.org/Links/Repository/1000721/jump. Since our previous response we furthered strengthened our environmental and social risk management (including human rights) by identifying controversial activities where we will not do business, or only do business under stringent pre-established guidelines...We will continue to assess environmental and social risks in related areas, and will consider adding to the lists, or increasing the stringency of items already on the lists, as we deem necessary...We welcome the UN Human Rights Council's recent endorsement of the "Guiding Principles". As the Guiding Principles do, however, not include direct guidance for the banking sector, we are currently in discussions with a group of banks to jointly develop a better understanding of how the Guiding Principles might be applied to our sector.