Responsible business conduct in the financial sector

Promoting responsible business conduct in the financial sector is vital to building a sustainable global economy. However, the inherent complexities in the sector such as extensive and complex business relationships or the rapidity of transactions make practical application of effective due diligence systems challenging.

Responsible Business Conduct for Institutional Investors explains the application of the OECD Guidelines for Multinational Enterprises in the context of institutional investors. The paper highlights key considerations for institutional investors in carrying out due diligence that will help to identify and respond to environmental and social risks.

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18/04/2019 - Landmark legislation approved calling on EU financial institutions to report on due diligence for responsible business conduct in line with OECD guidance

European Parliament overwhelmingly approved an EU Regulation for Sustainability-related Disclosures in the Financial Services Sector. The Regulation is the second legislative agreement reached under the EU Sustainable Finance Action Plan. In calling on financial institutions to disclose sustainability risks and impacts, the Regulation represents a milestone in efforts to encourage financial institutions to take into account impacts to society and the environment.

The Regulation introduces transparency rules for financial institutions on the integration of sustainability risks and impacts in their processes and financial products, including reporting on adherence to internationally recognised standards for due diligence. It also notes that when reporting on due diligence, practitioners “should consider the due diligence guidance for responsible business conduct developed by the Organisation for Economic Cooperation and Development.”

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