Banks provide billions for Dirty Diesel traders while failing to act on human rights, says new briefing
- Of 26 banks contacted, not one has pressured companies over toxic fuel exports to Africa
BankTrack is the international tracking, campaigning and support organisation focused on banks and the activities they finance.
We aim to promote fundamental changes in the banking sector so that banks adopt just and sustainable business practices.
Andreas Missbach, Public Eye
Credit Suisse Group was founded in 1856 and is headquartered in Zurich, Switzerland. It serves companies, institutional clients and high-net-worth private clients worldwide, as well as retail clients in Switzerland. The Credit Suisse bank is engaged in private banking, investment banking, and asset management. It has over 50.000 employees and operates in fifty-five countries throughout the world.
Mr. Tidjane Thiam |
Corporate Responsibility Report 2016|
Annual Report 2016
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. Credit Suisse adopted the Equator Principles in 2003.
Credit Suisse reports annually on their implementation of the Equator Principles. The 2015 report can be found here.
Credit Suisse further reports on its portfolio of projects financed under the Equator Principles on the Equator Principles website, here.
Credit Suisse is involved in financing the following Equator Principles projects that BankTrack considers controversial.
True leader Front runner Follower Laggard
BankTrack has assessed Credit Suisse on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. Credit Suisse is assessed as a Front runner, with a total score of 6.5/12.
Credit Suisse is reporting on the implementation here.
In 2013 the seven-strong Thun Group of Banks' produced a discussion paper on banks' responsibilities under new UN human rights guidelines. BankTrack's response to the paper highlighted that the banks had failed to address their responsibility to provide access to remedy to victims of human rights abuses. After we pushed the point further at a conference with the banks in 2014, they agreed to "explore options for addressing ... access to remedy." We look forward to the outcome.
Coal India Limited's attempt at a public share issue was successfully blocked in late 2013. The Indian government, the company's majority shareholder, hoped toraise USD 3 billion through the sale of 10% of its stake in the world's largest coal miner. Banktrack was part of a coalition of groups including Greenpeace, Rainforest Action Network and urgewald that pressured the banks underwriting the share offer (Deutsche Bank, Credit Suisse, Bank of America and Goldman Sachs) for their involvement with a company with a notorious environmental and human rights record. Read more [external link].
After sustained campaigning by RAN, eight of Wall Street's biggest banks have developed public policies limiting their appetite for investment in mountaintop removal (MTR) coal mining. By 2011, MTR policies or statements had been released by banks including Credit Suisse, JP Morgan Chase, Morgan Stanley and Wells Fargo, PNC bank and UBS. The policies were assessed by RAN in the 2011 MTR report card. RAN and others continue to scrutinize implementation of these policies.
Bowing to civil society pressure, Credit Suisse for the first time published summaries of its internal guidelines and instructions for dealing with industries whose social and environmental record is cause for concern. The Berne Declaration welcomed the bank's move towards more transparency but at the same time regrets that human rights received so little attention in the partly published guidelines.