FFC supports Global Human Rights Benchmark for Banking SectorAugust 7, 2023
Friends Fiduciary has joined other investors signing a letter in support of BankTrack. We recognize the important role the financial sector plays as a “catalyst to facilitate sustainable development, curb economic inequality, and advance economic, social and cultural rights.” Banks as financial institutions have a responsibility to follow the UN Guiding Principles on Business and Human Rights to respect human rights across their operations and value chains. BankTrack Global Human Rights Benchmark evaluates banks’ performance in this area and its recent iteration has noted only modest improvements in banks’ “overall implementation of the Guiding Principles.” We and fellow investors support BankTrack’s calls for banks to strengthen their human rights policies and practices to:
- Undertake human rights due diligence across all forms of financing;
- Ensure that all human rights due diligence practices are aligned with international business and human rights frameworks and informed by meaningful consultation with impacted rights holders, in particular individuals and communities in fragile, high-risk, and conflict-affected areas;
- Conduct public reporting on how adverse human rights impacts have been identified and managed;
- Enable access to remedy for affected rights-holders; and
- Respond constructively when genuine human rights concerns are raised.