USA: Report alleges Deutsche Bank ignores exploitative labour in its portfolio’s hotels & casinos; company response & NGO rejoinder provided
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Author: Facing Finance
"Facing Finance Rejoinder to Deutsche Bank’s response on the report 'Banking on Unsafe Working Conditions - placing profits before protection of casino & hotel workers’ human rights in Deutsche Bank’s U.S. Supply Chain,'" Jun 2016
…Deutsche Bank’s response to the…report fails to address the issues raised, or react to the authors’ recommendations...[T]he bank negates its responsibility as a shareholder of Red Rock Resorts, in which it continues to hold a 16-18% financial interest and 3.6-3.9% voting rights…This lack of accountability stands in stark contrast to the explicit commitment voiced by Deutsche Bank…Deutsche Bank has…publically acknowledged the UN Guiding Principles on Business and Human Rights, the Principles of the UN Global Compact and the OECD Guidelines…While Deutsche Bank claims to be operating “in a manner that is consistent with high ethical standards”, Facing Finance cannot agree…Deutsche Bank is obliged in multiple ways to take measures to improve the labour conditions at Station Casinos…Facing Finance endorses the call by the study’s authors for Deutsche Bank to recognize its responsibility for human rights in its business activities with Station Casinos instead of hiding behind the claim to have no governance rights over the casino operator.
Author: Deutsche Bank
Red Rock Resorts, Inc. recently completed its initial public offering. As a result of that transaction, German American Capital Corporation relinquished the governance rights with respect to Station Casinos that it had acquired when Station Casinos emerged from bankruptcy in 2011. Even when German American Capital Corporation retained certain governance rights, however, its rights were limited by its agreement—imposed by gaming regulators--not to interfere in any way with the operations of Station Casinos.
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- This is a response from the following companies: Deutsche Bank
Author: Fatma E. Marouf Co-Director of the Immigration Clinic University of Nevada, Las Vegas William S. Boyd School of Law, Sameer M. Ashar, Irvine School of Law, Jennifer J. Rosenbaum, Yale Law School
This report examines working conditions for employees of Station Casinos LLC, which is the third largest private employer in Nevada.1 The report is based on interviews with 101 employees and raises serious human rights concerns related primarily to casino and hotel workers’ health and safety. Deutsche Bank, a multinational corporation based in Frankfurt, Germany is a partial owner of the company...Deutsche Bank was informed of the human rights concerns discussed in this report, it responded by asserting that it had no role to play since it no longer had governance rights and previously had agreed not to interfere in Station Casinos’ operations...
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- Related companies: Deutsche Bank