27 February 2020

[...]

ANZ, Inclusive Development International and Equitable Cambodia have reached an agreement on how to assist Cambodian communities that were adversely affected by an economic land use concession granted for a sugarcane project.

[...]

ANZ acknowledges its due diligence on the project funded by its loan was inadequate and recognizes the hardships faced by the affected communities.

[...]

The agreement includes:

• A contribution by ANZ of the gross profit it earned from the loan to help alleviate the hardships faced by the affected communities and support their efforts toward rehabilitation.
• A commitment by ANZ to review and strengthen its human rights policies, including its customer social and environmental screening processes, and specific grievance mechanism accessible to affected communities.

ANZ noted that it is not legally liable for the adverse impacts arising from the land use concession and sugarcane project.

Inclusive Development International and Equitable Cambodia welcome ANZ's contribution of the gross profit from the loan to help the communities get back on their feet, as well as its commitment to review and strengthen its human rights standards. Both organisations look forward to working with ANZ to continue to align its human rights approach with the OECD Guidelines on Multinational Enterprises and the UN Guiding Principles on Business and Human Rights.