The finance and banking sector plays a vital role in the world’s economy. For example, the world gross domestic product is valued at $79 trillion. (), while the value of shares trading on stock exchanges is $78.2 trillion, almost equating the total amount of goods and services provided around the world. These numbers demonstrate that the finance and banking sector can exert substantial influence over the global economy, including on aspects related to human rights.
Finance and banking institutions can contribute both directly and indirectly to adverse human rights impacts. Examples of direct impacts include: entire lending institutions denying customers access to finance based on race, religion, or gender; a pension fund investing in a food and beverage company that systematically buys produce from farms using child labour; the management of assets belonging to a corporate or individual client involved in human rights abuses; or investing in a company that buys or uses prospected minerals in countries undergoing conflict. Financial instruments may also cause human rights violations indirectly by lending money to agricultural companies involved in land grabs and funding infrastructure projects that displace indigenous populations. .
An informal group of bank representatives called the has published two discussion papers on their interpretation of the UN Guiding Principles and what they mean for banks in practice. While these voluntary efforts have been applauded, their 2017 on UN Guiding Principles 13 and 17 in a corporate and investment banking context has been criticised for misconstruing the central Guiding Principle regarding the corporate responsibility to respect human rights () by asserting that banks, by definition, do not contribute to harm except through their own activities, such as employment practices.
In 2019, the OECD published key considerations for banks implementing the OECD Guidelines for Multinational Enterprises. The paper is called and explains what due diligence for responsible business conduct entails. It also provides practical considerations for banks at each step of the due diligence process.
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Guiding Principle 13 states that the responsibility to respect human rights requires that business enterprises:
(a) Avoid causing or contributing to adverse human rights impacts through their own activities, and address such impacts when they occur;
(b) Seek to prevent or mitigate adverse human rights impacts that are directly linked to their operations, products or services by their business relationships, even if they have not contributed to those impacts”.
This implies three categories of business involvement in adverse human rights impacts: a) through a business’s own activities, b) by contributing to harm caused by a third party, and c) where a business ‘neither causes nor contributes but its operations, products or services are directly linked through its business relationships to the harm’. The Thun Group’s position collapses a priori the first two, which fails to recognise that banks can be faced with situations reflecting all three types of business involvement highlighted by the GP.
The responsibility to respect human rights also extends to international development finance organisations such as the World Bank, International Finance Cooperation (IFC), European Bank for Reconstruction and Development (EBRD), European Investment bank (EIB), and investment funds operated by national governments (see Development finance institutions).
Publications such as the OECD’s and , OHCHR response to BankTrack and the offer guidance on how financial institutions can integrate human rights into their business strategies. Guidance is also offered by NGOs such as and that monitor the activities of banks and funds. Multi-stakeholder initiatives such as the can also be an important source of learning for banks committed to improving their performance with respect to human rights due diligence.
In addition, in 2013 UN Women published a of banking sector policies, financial products and services in India. Select banking sector policies were reviewed to identify barriers women face while accessing financial support and the appropriateness of financial products for women’s empowerment. Methods to draw gender responsive indicators for effective monitoring and select innovations for women’s economic empowerment, national and global, were closely studied.
The operations of the finance and banking sector relate to the Means of Implementation (SDG 17) of the SDGs. These are a mix of enablers of financial resources to support the implementation of all SDGs. Together they provide a framework, or toolbox, that is needed if the SDGs are to be realised by 2030. They also relate to SDG targets 8.10 on strengthen “the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all” as well as SDG target 16.6 on developing “effective, accountable and transparent institutions at all levels”.
Mobilisation of “adequate and well-directed” financing is identified as one of the 10 commitment areas outlined in response to the identified need to “do more, and faster” to achieve the SDGs in . In particular the Declaration highlights that to “close the financing gap for the Sustainable Development Goals, Governments, the private sector and other stakeholders need to increase the level of ambition in domestic, public and private resource mobilization, strengthen the enabling environment for sustainable investments and deliver on commitments to international development cooperation.” has estimated that at current rates, there is an annual financing gap of around US$2.5 trillion if the SDGs are to be achieved.
Given that the SDGs are grounded in human rights, due diligence for responsible business conduct in this context is critical.
References
D. Kinley, (March 1, 2017).
OECD,
OECD, 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.
, 2013
OECD, , 2019.
What National Action Plans say on Finance & banking sector
Belgium (2017 - open)
Action point 11
Ensure better coordination between federal and regional authorities in order to integrate criteria relating to human rights and socially responsible entrepreneurship in public aid
The NAP explains that Finexpo, an inter-ministerial consultative committee managed by the Administration of Foreign Affairs, studies the files of companies and/or banks requesting public support for an export credit and issues an opinion to the Council of Ministers, which takes the final decision on the granting of the aid. The NAP states that “regarding Finexpo, it will be necessary to modify the official questionnaire… in order to introduce references to the promotion of human rights, and to corporate social responsibilities that go beyond issues on the environmental impact, which are already included in the questionnaire…”
Action point 12
Pursuing Belgium’s commitment and its pioneering role in the field of human rights at the international level
The NAP briefly mentions that the Ministry of Foreign Affairs will ensure, through its various coordination mechanisms in the preparation of the positions of Belgium and EU in organizations or international assemblies, including the World Bank, to ensure that the latter take into account the respect for and promotion of human rights in the exercise of their activities.
Pillar 2: The Corporate Responsibility to Respect Human Rights
Strand 2: Promotion of Corporate Due Diligence in the Field of Human Rights
Action Point 2.2 (page 56)
The Ministry of Economy, Development and Tourism will: …
Look to generate strategic alliances with banking institutions to facilitate access to financial services to cooperatives -which projects integrate an actual and potential analysis of the contribution and impact that the business may have on human rights. …
The Czech NAP makes no explicit reference to Finance and banking, although the Financial Arbitrator is highlighted within the Alternative and online dispute resolution section [page 49].
Status in Denmark (initiatives implemented before the UN ratification of the Guiding Principles) [page 28]
“In 2008 the state financing fund, Vækstfonden, has committed to adhere to the UN Principles for Responsible Investment (PRI). The Export Credit Agency (EKF), the Investment Fund for Developing Countries (IFU) and Investment Fund for Central and Eastern Europe) (IØ) has committed to join the UN Global Compact.
[The Export Credit Agency (EFK)]’s Environmental & Social Due Diligence Policy states that EKF is committed to implementing the UN Guiding Principles on Businesses and Human Rights. EKF has also committed to the Equator Principles. These are binding international standards and frameworks for project funding. This ensures that private institutions and banks assess the environmental and social responsibility through a common set of guidelines. EKF works to promote the Equator Principles internationally, especially to institutions in the BRIC countries (Brazil, Russia, India and China). EKF uses International Finance Corporations (IFC) Performances Standards when rating a project which EKF participates in. The IFC Performances Standards mainly covers labor rights but human rights are also covered. …
As part of the approval process, Danida Business Finance analyses potential human rights related risks including local legislation and policies and other CSR issues. Access to finance is based on buyer’s and exporter’s compliance with ILO principles on human and workers’ rights. When Danida signs contracts with companies, it is a requirement that companies live up to Danida’s anti-corruption policy and to the UN Global Compact. A description of the applicant’s approach to quality assurance and how it will comply with Danida’s anti-corruption code of conduct and the principles of the UN Global Compact during implementation are requested from pre-qualified tenderers and form part of the tender evaluation.”
Appendix 1, GP 7
Status in Denmark (initiatives implemented before the UN ratification of the Guiding Principles) [page 30]
“Danida Business Partnerships provides financial support for the implementation of CSR partnerships and CSR initiatives in a range of Denmark’s partner countries. As part of the approval process, Danida Business Finance analyses potential human rights related risks including local legislation and policies and other CSR issues. Access to finance is based on buyer’s and exporter’s compliance with ILO principles on human and workers’ rights.”
Appendix 1, GP 9
Status in Denmark (initiatives implemented before the UN ratification of the Guiding Principles) [page 31]
“The EU adheres to principles and standards on responsible business conduct such as the OECD Guidelines for Multinational Enterprises, which is also reflected in negotiations for free trade agreements that includes the area of investment. The guidelines are considered the reference document on Corporate Social Responsibility, including human rights, intended to balance the rights and obligations between investors and host states. Furthermore, it is common practice to reference in the mandate the right of the parties to adopt and enforce measures necessary to pursue legitimate public policy objectives such as social, environmental, human rights, security, public health and stability of the financial systems in a non-discriminatory manner”
Appendix 1, GP 10
Status in Denmark (initiatives implemented before the UN ratification of the Guiding Principles) [page 33]
“… Denmark has been instrumental in the establishment of the World Bank’s Nordic Trust Fund which aims to promote the application of the human rights framework in World Bank policies and operations. Denmark has also been active in promoting that The International Finance Cooperation (IFC) actively supports its clients in addressing human rights risks and impacts. Furthermore, human rights are reflected in trade agreements.”
France actively contributes to OECD activities in the field of responsible business conduct, particularly its work on due diligence (in the textile and finance sectors) and reinforcing the OECD Guidelines to mark their 40th anniversary (from June 2016 onwards).
The National Framework
15. Economic Sectors and Human Rights
The Financial Sector [page 35]
Given the financial sector’s importance in providing loans, managing assets and financing projects, it has a duty to promote the adoption of responsible management practices by the companies it finances or invests in, especially in the human rights field.
In France, these activities represent €1.063 trillion in loans21 (including €303 billion to large businesses), more than €3 trillion in assets managed for third parties22 (including €900 billion invested in businesses) and several hundred billion euros in financing for large projects. The leverage effect is therefore considerable. In a statement dated 27 May 2013, the OECD’s Norwegian NCP specified that like other enterprises, investors are expected to comply with due diligence requirements recommended by the OECD Guidelines for Multinational Enterprises regarding the respect and protection of human rights including in relation to minority shareholdings. The OECD also set up a multi-stakeholder Working Party on Responsible Business Conduct in finance, and developed recommendations to support the implementation of the Guidelines in this sector. France monitored this work closely. Recommendations on responsible business conduct for investors have been established.
One of the instruments France has implemented for businesses is increased transparency by way of non-financial reporting requirements.
There have been a number of voluntary international initiatives by the financial sector to promote human rights (the Equator Principles,26 UNEP Finance Initiative, the development of Socially Responsible Investment, and the Global Compact). However, France has implemented a regulatory framework that is relatively unique in that some of its provisions specifically target this sector (the Grenelle II Act of 12 July 2010).
Actions Underway [page 36]
France promotes, at the national and European levels, investment policies that incorporate due diligence and highlight the principles and practices of institutional investors.
France promotes initiatives and commitments by the financial sector, particularly those based on the Equator Principles and the Thun Group.
France is examining whether to extend environmental, social and governance reporting requirements for institutional investors in Europe to cover human rights.
II- Businesses’ Responsibility to Respect Human Rights
3. Risk Analysis and Impact Assessments [page 40]
The NAP cites the in the list of existing tools available at the sectoral level.
III. Federal Government expectations regarding corporate due diligence in respecting human rights
Procedure for the identification of actual and potential adverse impacts on human rights [page 9-10]
“The consideration of potentially adverse impacts on human rights is a continuous task that accompanies work processes and, in particular, is performed with a sectoral focus. It should take place when new divisions, products or projects are launched as well as in the context of existing business activities. When potential risks are examined, a distinction must be made between the following types of impact: …
those connected indirectly with the enterprise through its business relations, its business activity or its products or services even though no direct contractual relationship exists, for example in situations involving numerous intermediary dealers. Granting loans, issuing credit lines and providing other financial services to other banks, insurers or other financial service providers do not in themselves constitute a relationship in the above sense if those transactions cannot be unambiguously attributed to a particular business activity in the real economy.”
1.1 Basic rules of economic policy
Development policy [page 19-20]
The current situation
“With their environmental and social standards, international financial institutions such as the World Bank and regional development banks set benchmarks for environmental and social regulation. The Federal Government will continue to track the reform processes in international financial institutions with a view to ensuring that their operations are even more sharply focused on human rights.”
Measures
“The requirements set out in the UN Guiding Principles and in the National Action Plan, in particular in its chapter III, on due diligence with regard to human rights, also apply to the organisations that implement development policy, including bodies that provide financing for development. They also serve as a basis for further assessment and monitoring and, where appropriate, further development of the grievance procedures that state implementing organisations, including financing bodies, have already established.
In addition, the Federal Government will continue to track the reform processes in international financial institutions with a view to ensuring that their operations are more sharply focused on human rights.”
1.3 State support
Export credits, investment guarantees and other instruments for the promotion of external trade [page 23]
“The instruments of external-trade promotion in Germany provide assistance for German enterprises in accessing and safeguarding foreign markets. The range of instruments includes the provision of advice by German diplomatic and consular missions, the network of German Chambers of Commerce Abroad and the Germany Trade & Invest (GTAI) agency. The Federal Government also supports participation in trade fairs abroad, arranges visits by delegations and funds hedging instruments such as export credit guarantees, known as Hermes guarantees, to insure export transactions, federal guarantees for direct investments abroad (DIAs) and untied loan guarantees as insurance for banks against the risk of default.”
Annex 1 – List of additional and ongoing actions to be carried out across Government
Trade and Investment [page 21]
“19. Ensure awareness of the International Finance Corporation (IFC) performance standards among state owned companies that invest in or manage projects, outside of OECD high income countries, which exceed the euro equivalent of US$10 million.”
“the role of the institutions is crucial in terms of comparison and horizontal collaboration both internally (at the central level and in the European Delegations) and externally (with development banks and international financial institutions) and in the dialogue with Member States” (p. 9)
IV. Italian ongoing activities and future commitments
a) Foundational Principles
“For the consolidation of the implementation commitments of the UNGPs in the framework of the first pillar, on the basis of the transposition of international standards at the national level, Italy intends to continue to ensure the highest level of protection of human rights from a legislative and operational perspective. To this end it is necessary:
(…)
– promote initiatives to raise awareness and information campaigns on the interconnections between business activities and human rights, on financial education and sustainable finance, through targeted interventions aimed at the younger generations, with reference to the paths for Transversal Skills and 15 Orientation (PCTO) provided by the Ministry of Education, in collaboration with representatives of teaching staff and students” (p. 14)
ANNEX 1 – Accountability Grid and Assessment Tools for the Implementation of the NAP
“18. In collaboration with other Ministries composing the Interministerial Committee for the Ecological Transition (CITE) and, in particular, with the Ministry of the Economy and Finance and with the DIPE/CIPESS (for SACE guarantees), to the following measures will be promoted:
– the alignment of sustainability indicators within the “Voluntary environmental certification system for sustainable finance” (Art. 1, paragraphs 743, 744 and 745, of Law No. 178/2020) in relation to Regulation (EU) 2020/852” (p. 63)
‘Luxembourg’s NAP does not explicitly address this issue’
The 2020-22 NAP states the second edition of the National Action Plan complements the first NAP. Additional information about the first NAP can be found here.
Improving the provision of information to businesses
“A number of RBC agreements have further elaborated on access to remedy. The Dutch Banking Sector Agreement, for example, has investigated the role of financial institutions in offering remedy…” p. 64.
Responsible Management [page 22]. “Through the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN), Norway has financial investments both in Norway and the world at large. The role of the Fund is that of a financial investor, and the overriding objective is to achieve the highest possible return at moderate risk.
…
2.9 International Cooperation on CSR on UN Guiding Principle 10 [page 27]:
We also play an active role in the UN, the OECD, the multilateral financial institutions and the regional development banks.
[..]The operational responsibility for management of the GPFG and the GPFN lies with Norges Bank and Folketrygdfondet respectively, which operate in accordance with mandates decided by the Ministry of Finance. In the management mandate set by the Ministry it is stated that a good long-term return is considered dependent on sustainable development in economic, environmental and social terms, as well as well-functioning legitimate and efficient markets. [..] Norges Bank’s responsible investment management is, as a starting point, based on international principles and standards, such as those set by the UN Guiding Principles on Business and Human Rights and the OECD in the Guidelines for Multinational Enterprises. When the UN Guiding Principles were adopted, Norges Bank endorsed a campaign by investors in support of the principles.
Appendix 1 (information material prepared by the Ministry of Justice)
Trainings
1. Topic: Claims under bank agreements, reference No C23/21
Specific issues discussed during the training include, among others: judicial control of the content of credit agreements, abusive clauses in credit agreements and their consequences, foreign currency denominated and indexed credits, claims under other bank agreements.
Target audience: judges, assessor judges and court referendaries adjudicating in civil and commercial divisions as well as assistant judges adjudicating in those divisions, and prosecutors and assessors in public prosecutor’s office dealing with civil law cases.
Number of editions: 4.
Number of participants: 200 (50 participants in each edition, including 2 places for prosecutors in each edition). – page 42
Consumer rights form part of numerous vertical sector-specific regulations, with emphasis on the following sectors: financial services, which essentially require transparency and information… (pg. 15)
Principle 4 – Businesses receiving State support
The Slovene Export and Development Bank – SID Bank is based on the principle of balanced and sustainable development with respect to economic, environmental and social development. (pg. 24)
The Slovene Export and Development Bank considers a comprehensive, long-term and ethical views, and demands their application in all financial operations, services and activities. (pg. 25)
Principle 6 – Planned Measures
The Slovene export and development bank, SID Bank, will continue to observe the principles according to which it has operated, including the principle of balanced and sustainable development (economic, environmental and social development), and follow good practices in the implementation of these principles in comparable institutions in the EU. (pg. 28)
Principle 10 – Basic Orientations
Through its activities in the World Bank Group committees, Slovenia will support the effective implementation of the Environmental and Social Framework, including the environmental and social policies, which are integral parts of it. (pg. 32)
Among other things, these Standards foresee the support of the World Bank Group for the fulfilment of human rights. The EDS10 constituency of the World Group Bank, of which Slovenia is a part, is in favour of including human rights, and advocates an independent inspection panel as an effective protection mechanism, which – based on appeals – would determine whether an investment project infringes on human rights with regard to the mandatory standards. (pg. 33)
[T]he fight against climate change and respect for human rights are fundamental elements of the European Investment Bank’s lending policy. (pg. 33)
Slovenia fully supports the operations of the Council of Europe Development Bank, where all projects must meet the requirement of respecting the political and social goals of the Council of Europe. (pg. 33)
When addressing the strategies and projects of the European Bank for Reconstruction and Development, in which Slovenian representatives participate on the board of directors, Slovenia will continue to cooperate actively in accordance with the EBRD’s fundamental principles relating to respect for human rights. (pg. 33)
“Within one year after the approval of this Plan, a Working Group will be created within the framework of the Strategic Plan for the Internationalization of the Spanish Economy, which will develop a specific Action Plan to examine the coherence of policies to support business internationalization, and its alignment with the Guiding Principles. The Working Group, which will present its conclusions to the Government, will study how cooperation for development, official credit agencies, export credit and official insurance or investment guarantee agencies of all administrations are able to condition, modulate or revise its support for investment based on the exercise of the responsibility to respect human rights by the beneficiary companies, both inside and outside of Spanish territory.”
Measure 4
“The Government will support the inclusion of human rights considerations in financial institutions for regional and international development.”
Guiding Principle 8
Measure 1
“The Ministries of the Treasury and Public Function; Foreign Affairs and Cooperation; Economy, Industry and Competitiveness; Energy, Tourism and Digital Agenda will train and provide support on the Guiding Principles through their dependent agencies, to departments, government agencies and other state institutions that encourage and support the creation of businesses, business competitiveness and commercial and financial business practices in order to promote the coherence of policies and processes with the Guiding Principles and the international standards of human rights mandatory for Spain.”
Guiding Principle 10
Measure 5
“Spain will promote the European Union, international organizations and international financial institutions of which Spain is member to share best practices with a view to encourage policy coherence and technical assistance to member states where requested.”
“Following support from Sweden and other countries, the Board of Governors of the World Bank decided in 2011 that the regulations on social and environmental standards that the Bank applies to business loans provided via its private sector body the International Finance Corporation (IFC) should include a requirement that consideration must be had to the UN Guiding Principles on Business and Human Rights.”
2 National Action Plan on Business and Human Rights 2020-23
2.1 Pillar 1: state duty to protect
2.1.5 Policy coherence
Guiding Principle 10
Measure 19: Promotion of respect for human rights and labour standards within financial institutions
As part of its involvement in international financial institutions, Switzerland actively promotes the systematic reinforcement of ESG standards. It supports the strictest transparency standards and helps to mitigate the potential adverse human rights impacts of projects by strengthening the independent inspection committees that handle project-related complaints lodged by the communities concerned. By creating frameworks and exemplary programmes, financial institutions can advance the promotion of ESG standards, respect for human rights at international level and a shared understanding of problems.
Objective
Indicator
Responsibility
Ensuring that investments and projects supported by Switzerland in relation to its economic development cooperation and international financial institutions do not have an adverse impact on human rights and serve as an example of international best practices.
Human rights due diligence as part of SIFEM investments (source: summary report of the Federal Council on the achievement of its strategic goals).
Swiss contributions within international financial institutions to promote ESG standards, transparency and respect for human rights
EAER [Federal Department of Economic Affairs, Education and Research]
Appendix 1: Concrete actions taken by Taiwan to fulfill the state obligation to protect
Promotion of corporate social responsibility (page 27)
‘The Taiwan Stock Exchange (TWSE) has issued the “Taiwan Stock Exchange Corporation Rules Governing the Preparation and Filing of Corporate Social Responsibility Reports by TWSE Listed Companies,” and the Taipei Exchange (TPEx) has issued the “Taipei Exchange Rules Governing the Preparation and Filing of Corporate Social Responsibility Reports by TPEx Listed Companies.” If a listed company is in any of the following circumstances, it shall prepare and file a corporate social responsibility report in Chinese according to these Rules: (a) the company is in the food industry, chemical industry, or financial industry; (b) no less than 50 percent of the company’s total operating revenue is derived from food and beverages; or (c) the company’s capital stock is not less than NT$5 billion. A listed company to which the above descriptions apply shall prepare a corporate social responsibility report for the preceding year, making reference to the Global Reporting Initiative (GRI) Standards and the Sector Disclosure documents issued by the GRI.’
Appendix 2: Concrete actions taken by Taiwan to ensure respect by businesses for human rights
Governments can provide information and support to enterprises. The Taiwan government has implemented several regulations and measures to provide enterprises with guidance and support, including the following: (page 32)
‘…On November 6, 2017, the Executive Yuan approved the “Green Finance Action Plan” proposed by the Financial Supervisory Commission. This Plan encourages banks to adopt the Equator Principles (EPs) for international benchmarking. The EPs provide a risk management framework for assessing and managing the environmental and social risks of projects.’
In order to strengthen enterprises’ CSR implementation and enhance human rights awareness, the Taiwanese government and civil society have implemented a number of support measures, including the following: (pages 32-33)
‘…The Taiwan Institute for Sustainable Energy has launched the Taiwan Sustainability Value Index (TWSVI). The TWSVI uses economic, environmental, social, disclosure, and sustainability evaluations to select company stocks that have both financial and long-term sustainability value.
The Taiwan Institute for Sustainable Energy cooperates with the government to … help enterprises to comply with the “Principles for Responsible Banking” and the recommendations of the “Task Force on Climate-related Financial Disclosures.”
[…]
In addition, in order to promote the development of a sustainable investment environment, TWSE subsidiary Taiwan Index Plus Corporation and FTSE Russell jointly released the “FTSE4Good TIP Taiwan ESG Index,” the first ESG index that fully integrates environmental, social, corporate governance, and financial indicators in Taiwan.
The Taipei Exchange and the Taiwan Index Plus Corporation have joined forces with the Taiwan Business Council for Sustainable Development to collaborate in developing the TIP Taiwan TPEx CSR Index, which selects component stocks on the basis of whether the issuing companies satisfy certain CSR performance criteria. The Index thus encourages companies to take their CSR obligations seriously and to fulfill them. We also hope to see companies issue ETFs, ETNs, index warrants, index funds, and other index products that would provide investors new channels via which to take part in socially responsible investing.
Industry associations and companies also voluntarily propose or follow many relevant international standards, including the following:
In order to ensure CSR implementation in the financial industry, the Bankers Association of the ROC in 2014 adopted credit guidelines with reference to the spirit of the “Equator Principles,” addressing such matters as environmental protection, ethical business practices, and social responsibility.’
3. The core content of the National Action Plan on Business and Human Rights
3.4 Action Plan on Cross Border Investment and Multinational Enterprises
3.4.3 Action Plan (2019–2022)
Pillar 1: State duties in protecting (Protect)
No.
Issues
Activities
Responsible agencies
Time-frame (2019–2022)
Indicators (wide frame)
Compliance with National Strategy/ SDGs/UNGPs
2.
Creating investor awareness
Encourage commercial banks to focus on the business operations that affect society and the environment by promoting Sustainable Banking Guidelines, which define guidelines for commercial banks consistent with the principles of Environment, Social and Governance (ESG) criteria or other practices that are accepted internationally
– Bank of Thailand
2019–2022
Common guidelines for Sustainable Banking Guidelines in order to set business standards. Finance in accordance with the principles of Environment, Social and Governance (ESG) criteria or other guidelines that are accepted internationally
– National Strategy for Eco-Friendly Development and Growth
– National Strategy for Human Capital Development and Strengthening
Uganda has maintained a liberal economic policy since the late 1980s. This policy approach has seen Uganda divest most public enterprise and allow private sector players in a number of important sectors of the economy such as telecommunications, energy/electricity, transport and banking. There is evidence that this economic policy approach has driven economic development in the country, with greater multiplier and inter-sectoral effects. However, the full potential of the economic policy reforms has been hampered by some uncompetitive practices by some of the private sector players.
(…)
The current policy, legal and regulatory framework related to promotion of fair competition and consumer protection is fragmented. A number of sub-sectors have policies and laws that govern the promotion of competition and consumer protection. These include; Financial institutions i.e. deposit taking, money lenders and insurance companies …
CHAPTER FIVE: INSTITUTIONAL FRAMEWORK
5.5 Ministry of Finance, Planning and Economic Development
Ensure allocation of funds to sectors for implementation of the action plan in line with the public finance management Act.
Promote the integration of the action plan in all sector budgets and plans.
Taiwan (2020-2024)
Taiwan (2020-2024)
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