| Green Peace Luxembourg & Fonds de Compensation de la Sécurité sociale SICAV FIS | |
|---|---|
| Lead NCP | Luxembourg |
| Supporting NCP(s) | |
| Description | Specific instance alleging a non-observance of the OECD MNE Guidelines. |
| Theme(s) | General policies, Disclosure, Human rights, Environment, Consumer interests |
| Date | 11 Mar 2024 |
| Host country(ies) | Luxembourg |
| Source | NGO |
| Industry sector | Financial and insurance activities |
| Status | In progress |
| Summary | On 11 March 2024, Green Peace Luxembourg submitted a specific instance to the NCP of Luxembourg alleging that Fonds de Compensation de la Sécurité sociale SICAV FIS, the public entity handling the management of the assets of the general pension insurance scheme in Luxembourg, had not observed the General Policies (Chapter II), Disclosure (Chapter III), Human Rights (Chapter IV), Environment (Chapter VI) and Consumer Interests (Chapter VIII) provisions of the Guidelines. Specifically, the complaint alleges, among other things, that the company does not have a risk-based due diligence policy in line with the Guidelines and that it does not conduct due diligence, including preventing and mitigating impacts linked to its investments. The submitter further alleges that the company does not align with the goals set in the Paris Agreement and has not implemented measurable objectives, targets, and strategies for addressing environmental impacts such as climate change. The submitter also alleges that the company made misleading claims relating to the sustainability of its investments. An initial assessment by the NCP is ongoing. #MNEs #caused #contributed #directlylinked #stakeholderengagement #riskmanagementsystem #duediligence #environmentaldisclosure #climatechange #institutionalinvestors #state-ownedenterprise #parisagreement #rioconvention |
