Financial and insurance sector in Papua New Guinea
Lead NCPAustralia
Supporting NCP(s)None Selected
DescriptionSpecific instance notified by a consortium of NGOs regarding the activities of ANZ Banking Group and its financial links to a forestry company in Papua New Guinea.
Theme(s)Environment, General policies
Date28 Aug 2006
Host country(ies)Papua New Guinea
SourceNGO
Industry sectorFinancial and insurance activities
StatusNot accepted
Summary

Read the public statement issued by the Australian NCP regarding this specific instance - 13 October 2006


In August 2008, the Australian NCP received a request for review from a consortium of five NGOs alleging that the ANZ Banking Group (ANZ), through its financial links with the Malaysian-owned forestry company Rimbunan Hijau (RH) operating in Papua New Guinea, had breached the general policies and human rights provisions of the OECD Guidelines.

The NCP met separately with representatives from the NGOs and ANZ and both parties subsequently made submissions to the NCP designed to amplify and clarify the issues discussed during the meeting. On the facts tendered by both parties, the ANCP was unable to ascertain the degree to which ANZ has the capacity to influence RH’s logging decisions in PNG and that therefore there was no specific instance regarding ANZ to review.

The NCP encouraged both parties to continue their dialogue, even if it were to occur outside the umbrella of the specific instance process. Although not formally part of the NCP’s mandate, the NCP offered its good offices to facilitate such a dialogue should both parties request it.