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
Modern UBS was formed through a merger of the Union Bank of Switzerland and the Swiss Bank Corporation in June 1998. UBS is headquartered in Zurich and Basel and it is the world's largest manager of private wealth assets and the second-largest bank in Europe. The bank provides a range of financial services, including investment banking and asset management, to corporate, private, and institutional clients.
CH 8098 Zurich
Sergio P. Ermotti |
Group Chief Executive Officer
|Annual report||Annual Report 2016|
Its environmental policy was established in 1993 and its statement on human rights in 2006. Both were integrated into one policy in 2014. An overview can be found here.
True leader Front runner Follower Laggard
BankTrack has assessed UBS on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. UBS is assessed as a Front runner, with a total score of 6.5/12.
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.