John Ruggie raises concerns about discussion paper on financial sector's human rights responsibilities
"Comments on Thun Group of Banks Discussion Paper on the Implications of UN Guiding Principles 13 & 17 in a Corporate and Investment Banking Context", Feb 2017
I welcomed the Thun Group of Banks' initiative to elaborate on the application of the UN Guiding Principles on Business and Human Rights (UNGPs) to banking when it first started up some five years ago...I am also keenly aware that, beyond their own walls, corporate and investment banking may face greater challenges resulting from diverse and complex business relationships than, say, a mining company. But banks are not alone in this respect...Having said that, I am deeply troubled by the discussion paper the Thun Group has just recently published. It misconstrues the central Guiding Principle regarding the corporate responsibility to respect human rights (UNGP 13)...I divide my comments into two parts, the first focusing on the analytical discussion in the paper, and the second on the illustrative cases.