Global Witness report alleges EU investors help bankroll human rights & environmental abuses; incl. co responses
On 6 September 2018, Global Witness published a new briefing paper on the role that EU-based investors have played in supporting projects linked to human rights abuses, land grabs and large-scale environmental destruction. The report argues that while political momentum - particularly through the EU’s landmark Action Plan on Financing Sustainable Growth - is building to make the financial sector more accountable, the Commission’s legislative proposals released in May lack robust measures, and calls for mandatory regulations for EU-based investors.
Business & Human Rights Resource Centre invited those investors mentioned but who did not provide a comment in the report to respond, namely Aberforth Parnters, Legal & General, Silchester and Schroders.
Aberforth did not respond, and Silchester told us over the phone that they do not provide comments on their portfolio to non-clients. Legal & General sent a statement they also sent us in relation to another report, which can be accessed here and below. Schroders' response can also be accessed below.
The following investors/companies provided comments in the report: Standard Life Investments, Aviva, Soco International, Vedanta, Aberdeen Standard Investments, HSBC, Standard Chartered Bank, Credit Suisse.
Note: Business & Human Rights Resource Centre previously sought a response from Golden Agri-Resources (GAR) in relation to one of the case studies - see here for more information. The report also refers to Investec, Deutsche Bank and CBR, however these companies no longer hold investments in the specific projects mentioned.