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Banks' Statement on the 'Guiding Principles on Business and Human Rights'

Zurich | | Corporate Responsibility

 

In May 2011, representatives from various banks, including UBS, met for a workshop in the UBS conference centre in Thun in Switzerland to share views on how the UN’s “’Protect, Respect and Remedy’ Framework” and the “Guiding Principles” for its implementation may be understood in the banking sector and how they could be applied in relation to banking activities. Participants agreed on the significant value of the “Guiding Principles”, but also noted that they are generic and therefore require specific guidance for individual industry sectors. Therefore, work has continued in the Thun Group of banks over the past months to propose actionable steps on a subset of these “Guiding Principles” that banks could take to operationalise the Principles. A Statement (see http://www.business-humanrights.org/Links/Repository/1009095), which was released to the public during the UNEP FI Global Roundtable on October 19-20, 2011, is the first visible result of this process and points to the tangible outcome that the Group intends to come up with, i.e. a “practical application guide”.