An analysis and briefing for civil society organisations on the strongest elements for use in advocacy
On October 28th, 2019, the OECD launched new guidance on Due Diligence for Responsible Corporate Lending and Securities Underwriting (hereinafter “the guidance”)...
It provides authoritative clarifications of government-backed expectations of banks, making particularly important clarifications on issues related to when a bank has “contributed” to an adverse impact through its lending or underwriting and what role a bank can and should play in remediating adverse impacts associated with its activities...
Some key areas in which the new paper provides important clarifications and guidance related to the due diligence and responsible conduct expected of banks include:
Relationship of banks to adverse impacts and remedy
Bank-level grievance mechanisms
Transparency and client confidentiality
Sustainability responsibilities
Public policy advocacy
Engagement with rightsholders
Disengagement and divestment
This briefing provides further elaboration on each of these areas...