Report assesses financial institutions' responsibility to respect human rights: Case study on extractives
Author: Dutch Fair Bank Guide & Dutch Fair Insurance Guide, Published on: 21 May 2014
[Business & Human Rights Resource Centre invited ABN Amro, Allianz, APG, CNPC, Delta Lloyd, Generali, GlencoreXstrata, ING, Legal & General, ONGC, Rabobank, Shell to respond - responses & non-responses provided.] In December 2013, the Dutch Fair Bank Guide and the Dutch Fair Insurance Guide, as part of an initiative by Amnesty Netherlands, issued a report assessing the extent to which 16 financial institutions comply with the "responsibility to respect" human rights, as set out in the UN Guiding Principles, with regard to their investments. The report examines financial institutions' policies & practices towards 10 extractive companies associated with severe human rights abuses. The extractive companies selected were Barrick Gold, Freeport-McMoran, Glencore Xstrata, Goldcorp, Oil and Natural Gas Corporation (ONGC), PetroChina/CNPC, Posco, Shell, Trafigura, and Vedanta Resources. The report assesses whether the financial institutions "have made use of their influence on the companies’ behaviour with regard to human rights" and scores financial institutions based on their bank investments, insurance investments, and asset management. The 16 financial institutions evaluated were ABN Amro, Achmea, Aegon, Allianz, APG, ASN Bank (part of SNS Reaal), ADR Nederland, Delta Lloyd, Generali, ING, Legal & General, NIBC, Rabobank, SNS Reaal, Triodos, and Van Lanschot.
Related companies: ABN Amro Aegon APG ASN Bank (part of SNS Reaal) Barrick Gold China National Petroleum Corporation (CNPC) Freeport-McMoRan Glencore Goldcorp (now Newmont Goldcorp) ING Legal & General Investment Management ONGC (Oil & Natural Gas Corporation) Posco Rabobank Shell SNS Reaal Trafigura Beheer Triodos Bank Vedanta Resources