| BankTrack, Worth Rises, Coalition for Immigrant Freedom & Swiss National Bank, UBS, HSBC, Barclays | |
|---|---|
| Lead NCP | Switzerland |
| Supporting NCP(s) | United States |
| Description | Specific instance alleging a non-observance of the OECD MNE Guidelines. |
| Theme(s) | General policies, Human rights, Employment and industrial relations |
| Date | 16 Jan 2024 |
| Host country(ies) | United States |
| Source | NGO |
| Industry sector | Financial and insurance activities |
| Status | In progress |
| Summary | On 16 January 2024, BankTrack, Worth Rises, and the Coalition for Immigrant Freedom, three NGOs, submitted a specific instance to the Swiss NCP alleging that Swiss National Bank, UBS, HSBC, and Barclays, had not observed the General Policies (Chapter II), Human Rights (Chapter IV), and Employment and Industrial Relations (Chapter V) provisions of the Guidelines. Specifically, the submitters alleged insufficient due diligence by the four banks in relation to possible investments in two US companies (CoreCivic and GEO Group facilities). The companies operate private prisons in the USA where, according to the submitting NGOs, human rights violations (including forced labour) occur. The NCP is in the process of conducting an initial assessment. #directlylinked #riskmanagementsystem #duediligence #labourrights #labourconditions #investmentbanking #institutionalinvestors #passiveinvestments #coordination #state-ownedenterprise #fortune500 |
