BankTrack welcomes Thun Group paper on banks and human rights

Author: Bank Track, Published on: 11 October 2013

Seven leading international banks, informally grouped together as the ‘Thun Group of Banks'...presented a discussion paper for banks on the implementation of the UN Guiding Principles on Business and Human Rights. BankTrack welcomes the discussion paper as a significant step towards recognising the relevance of human rights to banks' core business, but regrets that the Thun Group has not addressed all relevant areas of the UN Guiding Principles...[I]t calls on the banking sector to finally recognise its responsibility to provide adequate complaint and remedy mechanisms to people suffering human rights abuses as a result of bank-financed activities...Thun Group...includes Barclays, BBVA, Credit Suisse, ING Bank, RBS Group, UBS AG and UniCredit...However...[n]o explanation is given as to why the paper omits principles clearly directed towards businesses, including those in section 3 of the Principles, ‘Access to Remedy'.

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Related companies: Barclays BBVA Credit Suisse ING UBS Unicredito Italiano (now Unicredit)