abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb
Article

25 Sep 2006

Author:
BankTrack

Banks and Human Rights

Since 2005, BankTrack members are campaigning on private banks and their direct or indirect relation to Human Rights violations...Banks have the potential to impact upon...rights – both positively and negatively – in a multiplicity of ways. For example, financiers can support the manufacture of weapons or any equipment to be used during conflicts. Earlier this year, AXA, Dexia, Fortis, ING and KBC have been linked to the financing of cluster bombs, landmines, nuclear weapons and depleted uranium weapons. However, banks such as the Co-operative Bank (UK) has developed a strong ethical policy and is committed to exclude from its investments any banks involved in arms trade, environmental degration or human abuses. BankTrack urges banks to: Develop transparent and publicly-available human rights policies; Publicly reveal the names of the companies they invest in; Enable a third party to monitor its human rights policy in order to track internal compliance. Currently, only 8 private banks voluntarily developed internal human rights policies: ABN AMRO, Barclays, HBOS, ING, Rabobank, Societe Generale, Standard Chartered and Westpac.