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4 out of 5 banks failing on human rights, new BankTrack Human Rights Benchmark shows

Lloyds, Bank of America, Goldman Sachs and Société Générale among the poorest performers in BankTrack ranking, alongside Canadian and Chinese banks
2019-11-26
By: BankTrack
Contact:

Ryan Brightwell
​humanrights@banktrack.org +31 24 324 9220

The BankTrack Human Rights Benchmark 2019; cover image. Photo: BankTrack
2019-11-26
By: BankTrack
Contact:

Ryan Brightwell
​humanrights@banktrack.org +31 24 324 9220

Banks are failing on human rights nearly a decade after new UN principles were established to guide their behavior, according to the third BankTrack Human Rights Benchmark, published today. Lloyds, Bank of America, Goldman Sachs and Société Générale are among the worst performers in the report, which ranks commercial banks from leaders to laggards according to their efforts to uphold human rights.

“There is increasing ‘lip-service’ paid to human rights compliance by the biggest global banks, but in the vast majority of cases it goes no further than this,” said report author Ryan Brightwell. “Banks are still implicated in – or even directly facilitating – human rights abuses, including violations of Indigenous peoples’ rights, land grabs and even war crimes.”

Dutch bank ABN AMRO tops the league table, the only bank to be classed as a ‘leader’ for the breadth of its human rights commitments and reporting. The highest-performing UK and US banks are Barclays and Citi respectively, which both make it to the ‘front runners’ group. However, even these banks have much room for improvement before they can be said to be adequately implementing their human rights responsibilities. 

The report shows that more banks than ever have human rights policies in place. However, not one bank is able to show that it is making a difference to people on the ground by addressing specific abuses, and the pace of change is painstakingly slow. The vast majority of banks gave no evidence at all that they have prevented, mitigated or remedied specific human rights abuses in practice.

“Regulators will need to intervene if banks continue to fail,” said BankTrack director Johan Frijns. “Recent moves in the UK, France and the Netherlands are a step in the right direction but don’t go far enough. Governments must make it clear they will take further action if banks don’t step up.”

In the Netherlands, banks’ progress towards their human rights obligations has been driven by the Dutch Banking Sector Agreement on Human Rights, a multistakeholder process backed up by the threat of regulation. Recent legislation in the UK (the Modern Slavery Act) and France (the Duty of Vigilance law) is compelling banks to be more transparent about their commitments to uphold human rights. However, it is not strong enough to hold banks fully accountable for human rights abuses they are responsible for or implicated in. 

The absolute poorest performers, scoring less than one point out of a possible 14, include the Chinese banks ICBC, Agricultural Bank of China, Bank of China and China Construction Bank, as well as Royal Bank of Canada. All five Canadian banks appeared in the ‘laggards’ section of the table.

Sara Blackwell, Associate Director of the Investor Alliance for Human Rights, commented: "Members of the Investor Alliance for Human Rights – representing nearly US$4 trillion in assets under management and 18 countries – need human rights analysis and data to engage with their own responsibilities to respect human rights throughout their investment activities. The 2019 BankTrack Human Rights Benchmark provides critical information for our members as they engage portfolio banks on how their policies and practices stack up against the expectations of the UN Guiding Principles, and we’ll be using our collective leverage to hold up its findings.”

Joanne Bauer, Adjunct Professor of International and Public Affairs at Columbia University, a member of the report's Independent Academic Advisory Panel, commented: "This report raises the important question of what more it will take for banks to give due priority to human rights in their due diligence of deals and to use their leverage to make a difference for the people who have been harmed through their financing. While the advances a few banks have made are commendable, all banks can no longer look away." 

Downloads and links

 

Full report (PDF)

Four-page summary (PDF).

Webinar presentation (YouTube, 26 minutes).

View the summary table of results below.

8801
infographichrbenchmark.jpg
center
The BankTrack Human Rights Benchmark 2019 - Key findings infographic. View fullscreen.
Photo: Erika Davidoff / BankTrack

 

Summary table of results

 

Bank
Total
Policy
Due dilligence
Reporting
Remedy
Change
Bank profile
Full results
Leaders 9.5 - 14 points
Bank
Total
Policy
Due dilligence
Reporting
Remedy
Change
Bank profile
Full results
ABN AMRO
9.5
3
3
2.5
1
NEW
Profile
Results
Front runners 6.5 - 9 points
Bank
Total
Policy
Due dilligence
Reporting
Remedy
Change
Bank profile
Full results
Rabobank
ANZ
BBVA
ING Group
Citi
Barclays
National Australia Bank
Westpac
Nordea Bank
8
2.5
2.5
2
1
0
Profile
Results
7.5
3
3
1
0.5
+1
Profile
Results
7.5
2.5
3
1.5
0.5
+4
Profile
Results
7
2.5
2
2
0.5
+1.5
Profile
Results
7
2
2
2
1
-0.5
Profile
Results
7
3
2
1.5
0.5
+0.5
Profile
Results
6.5
3
1
1
1.5
+3.5
Profile
Results
6.5
2.5
1.5
1.5
1
+1.5
Profile
Results
6.5
3
1.5
1
1
+0.5
Profile
Results
Followers 3.5 - 6 points
Bank
Total
Policy
Due dilligence
Reporting
Remedy
Change
Bank profile
Full results
Intesa Sanpaolo
Unicredit
Deutsche Bank
BNP Paribas
Morgan Stanley
UBS
Credit Suisse
Commonwealth Bank
Wells Fargo
Standard Chartered
Itaú Unibanco
Standard Bank
Sumitomo Mitsui Trust
Banco do Brasil
Mizuho Financial Group
HSBC
Banco Santander
JPMorgan Chase
RBS Group
6
2.5
1.5
1.5
0.5
+2
Profile
Results
6
2.5
2.5
0.5
0.5
0
Profile
Results
6
2.5
2
1
0.5
-0.5
Profile
Results
6
2.5
2
1.5
0
-0.5
Profile
Results
5.5
3
2.5
0
0
+3.5
Profile
Results
5.5
3
2
0.5
0
-1
Profile
Results
5.5
2.5
2
0.5
0.5
-1
Profile
Results
5
3
1.5
0.5
0
-0.5
Profile
Results
5
3
1
1
0
0
Profile
Results
5
2.5
0.5
1.5
0.5
+3.5
Profile
Results
5
2
2
1
0
+1.5
Profile
Results
4.5
2.5
1.5
0.5
0
NEW
Profile
Results
4
2
1.5
0.5
0
NEW
Profile
Results
4
1.5
1
1.5
0
+2
Profile
Results
4
2.5
1
0.5
0
+1
Profile
Results
4
2.5
1
0.5
0
+1
Profile
Results
3.5
2.5
0.5
0.5
0
0
Profile
Results
3.5
1.5
2
0
0
-0.5
Profile
Results
3.5
2
1
0.5
0
-1.5
Profile
Results
Laggards 0 - 3 points
Bank
Total
Policy
Due dilligence
Reporting
Remedy
Change
Bank profile
Full results
Société Générale
BPCE Group
Banco Bradesco
Bank of Nova Scotia
Goldman Sachs
Caixa Econômica Federal
Mitsubishi UFJ
Crédit Agricole
BMO Financial Group
Sumitomo Mitsui Financial
Toronto-Dominion Bank
Bank of America
Canadian Imperial Bank
Lloyds Banking Group
Sberbank
State Bank of India
ICBC
Royal Bank of Canada
Agricultural Bank of China
Bank of China
China Construction Bank
3
1.5
0.5
0.5
0.5
+0.5
Profile
Results
2.5
1.5
0.5
0.5
0
NEW
Profile
Results
2.5
1
1
0.5
0
+1.5
Profile
Results
2.5
2
0
0.5
0
+1
Profile
Results
2.5
2
0.5
0
0
-0.5
Profile
Results
2.5
1.5
0.5
0.5
0
-0.5
Profile
Results
2
2
0
0
0
+2
Profile
Results
2
1.5
0.5
0
0
0
Profile
Results
2
1.5
0
0.5
0
-1
Profile
Results
2
1
0.5
0.5
0
+1.5
Profile
Results
2
0.5
1
0.5
0
+1.5
Profile
Results
1.5
0.5
1
0
0
+0.5
Profile
Results
1.5
1
0.5
0
0
NEW
Profile
Results
1.5
1
0
0.5
0
-0.5
Profile
Results
1
1
0
0
0
NEW
Profile
Results
1
0
0
1
0
NEW
Profile
Results
0.5
0
0
0.5
0
0
Profile
Results
0.5
0.5
0
0
0
0
Profile
Results
0
0
0
0
0
0
Profile
Results
0
0
0
0
0
0
Profile
Results
0
0
0
0
0
0
Profile
Results
Africa
Bank
Total
Policy
Due dilligence
Reporting
Remedy
Change
Bank profile
Full results
Standard Bank
4.5
2.5
1.5
0.5
0
NEW
Profile
Results
Asia
Bank
Total
Policy
Due dilligence
Reporting
Remedy
Change
Bank profile
Full results
Agricultural Bank of China
Bank of China
China Construction Bank
ICBC
Mitsubishi UFJ
Mizuho Financial Group
State Bank of India
Sumitomo Mitsui Financial
Sumitomo Mitsui Trust
0
0
0
0
0
0
Profile
Results
0
0
0
0
0
0
Profile
Results
0
0
0
0
0
0
Profile
Results
0.5
0
0
0.5
0
0
Profile
Results
2
2
0
0
0
+2
Profile
Results
4
2.5
1
0.5
0
+1
Profile
Results
1
0
0
1
0
NEW
Profile
Results
2
1
0.5
0.5
0
+1.5
Profile
Results
4
2
1.5
0.5
0
NEW
Profile
Results
Australia
Bank
Total
Policy
Due dilligence
Reporting
Remedy
Change
Bank profile
Full results
ANZ
Commonwealth Bank
National Australia Bank
Westpac
7.5
3
3
1
0.5
+1
Profile
Results
5
3
1.5
0.5
0
-0.5
Profile
Results
6.5
3
1
1
1.5
+3.5
Profile
Results
6.5
2.5
1.5
1.5
1
+1.5
Profile
Results
Europe
Bank
Total
Policy
Due dilligence
Reporting
Remedy
Change
Bank profile
Full results
ABN AMRO
BBVA
BNP Paribas
BPCE Group
Banco Santander
Barclays
Credit Suisse
Crédit Agricole
Deutsche Bank
HSBC
ING Group
Intesa Sanpaolo
Lloyds Banking Group
Nordea Bank
RBS Group
Rabobank
Sberbank
Société Générale
Standard Chartered
UBS
Unicredit
9.5
3
3
2.5
1
NEW
Profile
Results
7.5
2.5
3
1.5
0.5
+4
Profile
Results
6
2.5
2
1.5
0
-0.5
Profile
Results
2.5
1.5
0.5
0.5
0
NEW
Profile
Results
3.5
2.5
0.5
0.5
0
0
Profile
Results
7
3
2
1.5
0.5
+0.5
Profile
Results
5.5
2.5
2
0.5
0.5
-1
Profile
Results
2
1.5
0.5
0
0
0
Profile
Results
6
2.5
2
1
0.5
-0.5
Profile
Results
4
2.5
1
0.5
0
+1
Profile
Results
7
2.5
2
2
0.5
+1.5
Profile
Results
6
2.5
1.5
1.5
0.5
+2
Profile
Results
1.5
1
0
0.5
0
-0.5
Profile
Results
6.5
3
1.5
1
1
+0.5
Profile
Results
3.5
2
1
0.5
0
-1.5
Profile
Results
8
2.5
2.5
2
1
0
Profile
Results
1
1
0
0
0
NEW
Profile
Results
3
1.5
0.5
0.5
0.5
+0.5
Profile
Results
5
2.5
0.5
1.5
0.5
+3.5
Profile
Results
5.5
3
2
0.5
0
-1
Profile
Results
6
2.5
2.5
0.5
0.5
0
Profile
Results
North America
Bank
Total
Policy
Due dilligence
Reporting
Remedy
Change
Bank profile
Full results
BMO Financial Group
Bank of America
Bank of Nova Scotia
Canadian Imperial Bank
Citi
Goldman Sachs
JPMorgan Chase
Morgan Stanley
Royal Bank of Canada
Toronto-Dominion Bank
Wells Fargo
2
1.5
0
0.5
0
-1
Profile
Results
1.5
0.5
1
0
0
+0.5
Profile
Results
2.5
2
0
0.5
0
+1
Profile
Results
1.5
1
0.5
0
0
NEW
Profile
Results
7
2
2
2
1
-0.5
Profile
Results
2.5
2
0.5
0
0
-0.5
Profile
Results
3.5
1.5
2
0
0
-0.5
Profile
Results
5.5
3
2.5
0
0
+3.5
Profile
Results
0.5
0.5
0
0
0
0
Profile
Results
2
0.5
1
0.5
0
+1.5
Profile
Results
5
3
1
1
0
0
Profile
Results
South America
Bank
Total
Policy
Due dilligence
Reporting
Remedy
Change
Bank profile
Full results
Banco Bradesco
Banco do Brasil
Caixa Econômica Federal
Itaú Unibanco
2.5
1
1
0.5
0
+1.5
Profile
Results
4
1.5
1
1.5
0
+2
Profile
Results
2.5
1.5
0.5
0.5
0
-0.5
Profile
Results
5
2
2
1
0
+1.5
Profile
Results

Banks

ABN AMRO

Netherlands
Active

Agricultural Bank of China

China
Active

ANZ

Australia
Active

Banco Bradesco

Brazil
Active

Banco do Brasil

Brazil
Active

Banco Santander

Spain
Active

Bank of America

United States
Active

Bank of China

China
Active

Bank of Montreal (BMO)

Canada
Active

Barclays

United Kingdom
Active

BBVA

Spain
Active

BNP Paribas

France
Active

BPCE

France
Active

Caixa Econômica Federal

Brazil
Active

Canadian Imperial Bank of Commerce (CIBC)

Canada
Active

China Construction Bank

China
Active

Citi

United States
Active

Commonwealth Bank

Australia
Active

Crédit Agricole

France
Active

Credit Suisse

Switzerland
Active

Deutsche Bank

Germany
Active

Goldman Sachs

United States
Active

HSBC

United Kingdom
Active

Industrial and Commercial Bank of China (ICBC)

China
Active

ING

Netherlands
Active

Intesa Sanpaolo

Italy
Active

Itaú-Unibanco

Brazil
Active

JPMorgan Chase

United States
Active

Lloyds Banking Group

United Kingdom
Active

Mitsubishi UFJ Financial Group (MUFG)

Japan
Active

Mizuho Financial Group

Japan
Active

Morgan Stanley

United States
Active

National Australia Bank (NAB)

Australia
Active

NatWest Group

United Kingdom
Active

Nordea

Finland
Active

Rabobank

Netherlands
Active

Royal Bank of Canada (RBC)

Canada
Active

Sberbank

Russian Federation
Active

Scotiabank

Canada
Active

Société Générale

France
Active

Standard Bank

South Africa
Active

Standard Chartered

United Kingdom
Active

State Bank of India

India
Active

Sumitomo Mitsui Financial Group

Japan
Active

Sumitomo Mitsui Trust Holdings

Japan
Active

Toronto-Dominion Bank (TD Bank)

Canada
Active

UBS

Switzerland
Active

UniCredit

Italy
Active

Wells Fargo

United States
Active

Westpac

Australia
Active
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