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Banks and the OECD Guidelines

By: BankTrack
Contact:

Ryan Brightwell ryan@banktrack.org

Tracking the OECD Guidelines. Photo: BankTrack
By: BankTrack
Contact:

Ryan Brightwell ryan@banktrack.org

Why this project?

The OECD Guidelines

The OECD Guidelines for Multinational Enterprises on Responsible Business Conduct ("The OECD Guidelines") are recommendations from governments to multinational enterprises on responsible business conduct around the world. They define standards for socially and environmentally responsible corporate behaviour and establish a grievance mechanism procedure to address complaints between corporations and the communities or individuals negatively affected by corporate activities. The Guidelines are adhered to, by 51 countries (all 38 OECD member states and 13 other adhering states (as of January 2025) and are largely aligned with the UN Guiding Principles on Business and Human Rights.

The OECD published a new "targeted update" to the Guidelines in June 2023, with OECDWatch (a network of which BankTrack is a member) describing the net result as positive. The updates align the Guidelines with the Paris Agreement and include a new recognition of the corporate responsibility to support a just energy transition and ensure the respect of human rights defenders. OECDWatch also criticised the failure of the update to take the opportunity to improve the implementation of the Guidelines through the National Contact Point (NCP) mechanisms.

National Contact Points

The OECD Guidelines establish a unique complaint procedure (or “Specific Instance Procedure”) in the form of National Contact Points (NCPs). Every government that adheres to the Guidelines is required to establish an NCP to promote the OECD Guidelines and handle complaints against companies that have allegedly failed to adhere to the Guidelines’ standards. For details, advice, and support in making use of the complaint procedure see the OECD Watch page on Filing OECD Guidelines complaints. 

Due Diligence and Financial Sector Guidance

In addition to the Guidelines, the OECD published ‘Due Diligence Guidance for Responsible Business Conduct’ in May 2018  to provide practical support to multinational enterprises on the implementation of the OECD Guidelines. OECD Watch commended the Guidance. The OECD has also published sector-specific guidance which helps enterprises identify and address risks to people, the environment and society associated with business operations, products or services in particular sectors.

BankTrack served as an Advisory Group member to the OECD project on Responsible Business Conduct (RBC) in the Finance Sector,  a multi-stakeholder project which elaborated guidance for the finance sector on the implementation of the OECD Guidelines. This project delivered guidance for RBC for institutional investors in March 2017;  for corporate lending and securities underwriting in October 2019, and for project and asset finance transactions in October 2022. BankTrack provided comments on draft documents and participated in regular Advisory Group calls and meetings. The guidance elaborates on the OECD Guidelines and represents an important step forward in encouraging responsible conduct by financial sector actors. BankTrack and OECDWatch produced an analysis of the 2nd guidance paper in November 2019. In particular, the guidance clarifies that banks providing loans and underwriting services can contribute to adverse human rights and environmental impacts through both actions and omissions; and that banks can take steps to promote greater transparency with respect to client relationships without being in breach of duties around client confidentiality; and it sets out how and why banks should establish and/or participate in grievance mechanisms.

BankTrack and the OECD Guidelines

BankTrack participated in the 2023 consultation for the update of the Guidelines, in support of better safeguards for human rights and environmental defenders and improved consideration and protection of the rights of Indigenous peoples. BankTrack was a member of the Advisory Group to the OECD Project for Responsible Business Conduct in the Financial Sector (2015 to 2022) to encourage higher standards in implementing the OECD Guidelines for Multinational Enterprises. As part of this, we provided input on its three guidance papers for Institutional Investors (2017), Corporate Lending and Underwriting (2019) and Project Finance (2022). In 2019 we published a briefing paper with OECD Watch summarising areas where the Corporate Lending guidance paper had made important progress.           

In addition to this, BankTrack has engaged with National Contact Point (NCP) complaints against financial institutions through giving advice to communities and civil society organisations. 

  • In 2017 we brought a climate change-related complaint alongside other organisations to the Dutch NCP 
  • We supported the complaint against ANZ in Australia – which in 2021 led to the development of the first clearly elaborated grievance mechanism in the banking sector as well as remedy for victims; 
  • In 2021 we sought guidance on nominee shareholdings following a complaint against UBS. 
  • In January 2024, alongside two partners, we filed a complaint to the NCPs of Switzerland and the UK against Swiss-based banks UBS and Swiss National Bank and UK-based banks Barclays and HSBC. The Swiss NCP accepted the complaint against banking giant UBS for its investment holdings in U.S. private prison contractors CoreCivic and GEO Group. The assessments of the three other joint complaints are still forthcoming. 
  • In February 2024, the Philippine Movement for Climate alongside BankTrack and two other organisations filed a complaint to the UK NCP against Standard Chartered for contributing to human rights violations and failing to provide remediation for harms caused by four coal plants it co-financed in the Philippines. 

We maintain the following reference pages on OECD complaints:

  • Overview: closed complaints on banks
  • Full table of OECD complaints involving Financial Institutions
Topics

Overview: closed complaints on banks

Table of OECD complaints involving Financial Institutions

Resources

Latest publications

The OECD Due Diligence for Responsible Corporate Lending and Securities Underwriting
2019-11-20 00:00:00 | BankTrack, OECD Watch
Documents
Links
2024-06-28 00:00:00

Environmental and Social Policy Framework

July 2024
Bank policy
2024-06-28 00:00:00 | Citi
2023-09-07 00:00:00

Letter from BankTrack & Coalition for Immigrant Freedom to UBS on financial ties to human rights violations in US immigration detention facilities run by CoreCivic and GEO Group

Correspondence
2023-09-07 00:00:00 | BankTrack & Coalition for Immigrant Freedom
2023-09-07 00:00:00

Letter from BankTrack & Coalition for Immigrant Freedom to Barclays on financial ties to human rights violations in US immigration detention facilities run by CoreCivic and GEO Group

Correspondence
2023-09-07 00:00:00 | BankTrack & Coalition for Immigrant Freedom
2023-09-07 00:00:00

Letter from BankTrack & Coalition for Immigrant Freedom to HSBC on financial ties to human rights violations in US immigration detention facilities run by CoreCivic and GEO Group

Correspondence
2023-09-07 00:00:00 | BankTrack & Coalition for Immigrant Freedom
2023-09-07 00:00:00

Letter from BankTrack & Coalition for Immigrant Freedom to Credit Suisse on financial ties to human rights violations in US immigration detention facilities run by CoreCivic and GEO Group

Correspondence
2023-09-07 00:00:00 | BankTrack & Coalition for Immigrant Freedom
2023-09-07 00:00:00

Letter from BankTrack & Coalition for Immigrant Freedom to Swiss National Bank on financial ties to human rights violations in US immigration detention facilities run by CoreCivic and GEO Group

Correspondence
2023-09-07 00:00:00 | BankTrack & Coalition for Immigrant Freedom
2023-09-07 00:00:00

Letter from BankTrack & Coalition for Immigrant Freedom to UBS on financial ties to human rights violations in US immigration detention facilities run by CoreCivic and GEO Group

Correspondence
2023-09-07 00:00:00 | BankTrack & Coalition for Immigrant Freedom
2022-10-28 00:00:00

Responsible business conduct due diligence for project and asset finance transactions

Other document
2022-10-28 00:00:00 | OECD
2023-02-14 00:00:00

BankTrack's submission to the OECD's public consultation on a targeted update of the OECD Guidelines for Multinational Enterprises

BankTrack publication
2023-02-14 00:00:00 | BankTrack
2019-11-20 00:00:00

The OECD Due Diligence for Responsible Corporate Lending and Securities Underwriting

An analysis and briefing for civil society organisations on the strongest elements for use in advocacy
BankTrack publication
2019-11-20 00:00:00 | BankTrack, OECD Watch
2018-12-31 00:00:00

OECD - Due diligence guidance for responsible business conduct

Other document
2018-12-31 00:00:00 | OECD
2011-12-31 00:00:00

OECD - Guidelines for Multinational Enterprises

Other document
2011-12-31 00:00:00 | OECD
2017-03-28 00:00:00

OECD - Responsible Business Conduct for institutional investors

Key considerations for due diligence under the OECD Guidelines for Multinational Enterprise
Other document
2017-03-28 00:00:00 | OECD
2019-05-21 00:00:00

OECD - Policy Framework for investment's user tools kit

Other document
2019-05-21 00:00:00 | OECD
2018-12-17 00:00:00

Letter from ANZ to BankTrack and OECDWatch on ANCP report regarding Phnom Penh Sugar

2nd response to October 29th letter
Correspondence
2018-12-17 00:00:00 | ANZ
2018-10-29 00:00:00

Letter from BankTrack and OECD Watch to ANZ on Compensation for Families Displaced by Phnom Penh Sugar

Correspondence
2018-10-29 00:00:00 | BankTrack and OECD Watch
2017-04-28 00:00:00

Society for Threatened Peoples files OECD complaint against Credit Suisse at the OECD National Contact Point (NCP) Switzerland

NGO document
2017-04-28 00:00:00 | Society for Threatened Peoples
2014-06-26 00:00:00

Due diligence in the financial sector: adverse impacts directly linked to financial sector operations, products or services by a business relationship

Other document
2014-06-26 00:00:00 | OECD
2014-06-26 00:00:00

Expert letters and statements on the application of the OECD Guidelines for Multinational Enterprises and UN Guiding Principles on Business and Human Rights in the context of the financial sector

Reference material for the session on Responsible Business Conduct in the Financial Sector of the Global Forum on Responsible Business Conduct taking place in Paris on 26-27 June 2014.
Other document
2014-06-26 00:00:00 | OECD
2014-06-26 00:00:00

Scope and application of ‘business relationships’ in the financial sector under the OECD Guidelines for Multinational Enterprises

Other document
2014-06-26 00:00:00 | OECD
2007-08-23 00:00:00

Equator Principles and OECD Guidelines

Other document
2007-08-23 00:00:00 | Paul Watchman
2007-07-20 00:00:00

OECD Guidelines and Financial Institutions

Annual report
2007-07-20 00:00:00

OECD Due Diligence Guidance for Responsible Business Conduct

OECD Guidelines for Multinational Enterprises

OECD Watch

OECD Watch Case Database

Successes
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Swiss watchdog accepts human rights complaint against UBS Bank over private prison investments

2024-08-28 | New York and Nijmegen | BankTrack, Coalition for Immigrant Freedom, Worth Rises
Blog
BankTrack news BankTrack blog Partner news Partner blog

Nominee shareholdings: UN Human Rights office confirms banks’ human rights responsibilities

UN advice clarifies application of the UN Guiding Principles on Business and Human Rights to key financial instrument of relevance to OECD Guidelines case involving UBS and Hikvision
2021-10-05 | BankTrack, OECD Watch
Blog
BankTrack news BankTrack blog Partner news Partner blog

Strengthened OECD guidance on responsible banking

2019-11-20 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

ING withdraws finance for Botnia paper mill in Uruguay

2006 | BankTrack
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Swiss watchdog accepts human rights complaint against UBS Bank over private prison investments

2024 | New York and Nijmegen | BankTrack, Coalition for Immigrant Freedom, Worth Rises
BankTrack news BankTrack blog Partner news Partner blog

Exclusive: Major world economies seek to halt new private sector coal financing

2024-06-07 | Reuters
Blog
BankTrack news BankTrack blog Partner news Partner blog

Civil society groups file OECD complaint against Swiss and UK banks over private prison stock

Complaint specifies breaches of OECD Guidelines that have led to gross human rights violations
2024-01-16 | New York and Nijmegen | BankTrack, Coalition for Immigrant Freedom, Worth Rises
Blog
BankTrack news BankTrack blog Partner news Partner blog

BankTrack's submission to the OECD's public consultation on a targeted update of the MNE Guidelines

2023-02-14 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

ING runs away from its responsibilities

ING bank chooses to continue deforestation and human rights violations on the palm oil plantations in which they invest money.
2022-04-07 | Netherlands | Milieudefensie
Blog
BankTrack news BankTrack blog Partner news Partner blog

Complaint proceedings against UBS discontinued – STP sees a need for financial institutions and the NCP to take action

2021-12-20 | Bern | Society for Threatened Peoples
Blog
BankTrack news BankTrack blog Partner news Partner blog

ANZ climate complaint ruling highlights need for Australia to follow other countries and pass new climate finance laws

2021-12-15 | Friends of the Earth Australia
Blog
BankTrack news BankTrack blog Partner news Partner blog

Nominee shareholdings: UN Human Rights office confirms banks’ human rights responsibilities

UN advice clarifies application of the UN Guiding Principles on Business and Human Rights to key financial instrument of relevance to OECD Guidelines case involving UBS and Hikvision
2021 | BankTrack, OECD Watch
Blog
BankTrack news BankTrack blog Partner news Partner blog

Swiss NCP misses the mark on UBS links to mass surveillance of Uighurs

UBS listed as owner of Hikvision shares it buys for its clients, yet Swiss NCP says no business relationship exists
2021-03-03 | BankTrack, OECD Watch
Blog
BankTrack news BankTrack blog Partner news Partner blog

Mass surveillance of the Uyghurs: Swiss NCP approves arbitration proceedings against UBS in an unprecedented move

2021-01-28 | Bern, Switzerland | Society for Threatened Peoples
Blog
BankTrack news BankTrack blog Partner news Partner blog

Bushfire survivors and Friends of the Earth’s response to Initial Assessment of ANZ climate complaint under OECD guidelines

2020-11-25 | Friends of the Earth Australia
Blog
BankTrack news BankTrack blog Partner news Partner blog

Mass surveillance of the Uyghurs: STP files complaint against UBS

Society for Threatened Peoples files complaint with the OECD's Swiss National Contact Point regarding UBS' continued relationship with China's Hikvision
2020-06-22 | Switzerland | Society for Threatened Peoples
Blog
BankTrack news BankTrack blog Partner news Partner blog

ANZ agrees to landmark settlement with Cambodian farmers displaced by sugar company it financed

The agreement, the first of its kind by a commercial bank, sets an important human rights precedent for the banking industry worldwide.
2020-02-27 | Inclusive Development International
Blog
BankTrack news BankTrack blog Partner news Partner blog

Bushfire survivors launch claim against ANZ under international law for financing climate change

2020-01-30 | Friends of the Earth Australia
Blog
BankTrack news BankTrack blog Partner news Partner blog

Indigenous Women file OECD Specific Instance against Credit Suisse for rights violations regarding pipeline financing

2020-01-30 | San Francisco | WECAN
Blog
BankTrack news BankTrack blog Partner news Partner blog

Friends of the Earth groups complaint against ING Group admissible, declares OECD

2020-01-20 | Amsterdam | Milieudefensie, OECD Watch
Blog
BankTrack news BankTrack blog Partner news Partner blog

Strengthened OECD guidance on responsible banking

2019 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

New OECD guidance clarifies banks’ responsibilities to prevent and address adverse impacts

OECD Watch & BankTrack analysis highlights seven areas of important progress on specifying how banks should conduct due diligence in their lending and underwriting
2019-11-20 | BankTrack, OECD Watch
Blog
BankTrack news BankTrack blog Partner news Partner blog

Credit Suisse makes a step towards indigenous rights

2019-10-16 | Society for Threatened Peoples
Blog
BankTrack news BankTrack blog Partner news Partner blog

Friends of the Earth groups and supporters file OECD complaint against ING for financing palm oil abuses

2019-07-05 | Amsterdam | Milieudefensie, Sustainable Development Institute Liberia, WALHI
Blog
BankTrack news BankTrack blog Partner news Partner blog

Dutch NCP on OECD Guidelines: Banks must publish climate targets in line with Paris Climate Agreement

2019-04-19 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

EU financial institutions to report on due diligence for responsible business conduct in line with OECD guidance

2019-04-18 | OECD
Blog
BankTrack news BankTrack blog Partner news Partner blog

ANZ Declines to ‘Do the Right Thing’ for Displaced Cambodian Farmers

Statement by Inclusive Development International And Equitable Cambodia for the ANZ Banking Group Annual General Meeting
2018-12-19 | Equitable Cambodia, Inclusive Development International
Blog
BankTrack news BankTrack blog Partner news Partner blog

ANZ bank issued rare rebuke by Australian oversight body

2018-10-11 | Inclusive Development International
Blog
BankTrack news BankTrack blog Partner news Partner blog

Apartheids Banks: Civil society groups demand accountability for apartheid profiteers

2018-04-19 | Brussels | Centre for Applied Legal Studies (CALS), Open Secrets
BankTrack news BankTrack blog Partner news Partner blog

IndustriALL and BWI file OECD complaint against BHP Billiton and Vale

2018-03-26 | Industriall-union.org
BankTrack news BankTrack blog Partner news Partner blog

ING to be investigated under OECD grievance mechanism in climate finance test case

Dutch OECD ‘National Contact Point’ accepts NGOs’ complaint
2017-11-16 | Responsible Investor
BankTrack news BankTrack blog Partner news Partner blog

Disappointing and lengthy mediation leaves impacts of Xayaburi Dam unaddressed

Last week, the Austrian National Contact Point (NCP) concluded a lengthy and ultimately disappointing OECD Guidelines mediation process between Andritz, the turbine supplier for the Xayaburi Dam, and a coalition of Mekong-based and international civil society organizations.
2017-07-20 | Bangkok, Thailand
Blog
BankTrack news BankTrack blog Partner news Partner blog

NGOs file complaint against ING for violation of OECD guidelines

Organisations call on the Dutch bank to take further steps on climate
2017-05-09 | Amsterdam | BankTrack, Greenpeace, Friends of the Earth Netherlands, Oxfam Novib
Blog
BankTrack news BankTrack blog Partner news Partner blog

FoE response to final statement on complaint guidelines on Rabobank and Bumitama

2016-01-31 | Friends of the Earth Europe
Blog
BankTrack news BankTrack blog Partner news Partner blog

Bumitama cuts ties with illegal palm oil plantation following Friends of the Earth pressure

OECD accepts Friends of the Earth complaint against Rabobank
2014-12-16 | Brussels/Amsterdam | Friends of the Earth Europe
BankTrack news BankTrack blog Partner news Partner blog

Publication initial assessment for Friends of the Earth/Milieudefensie - Rabobank

2014-12-16 | OECD
BankTrack news BankTrack blog Partner news Partner blog

Displaced Cambodians file OECD complaint against ANZ Bank for financing massive land grab

2014-10-07 | Inclusive Development
BankTrack news BankTrack blog Partner news Partner blog

Several Individuals vs. NORDEX SE operating in Turkey

(OECD Watch complaint)
2014-08-04 | OECD Watch
Blog
BankTrack news BankTrack blog Partner news Partner blog

OECD releases letters clarifying banks’ human rights responsibilities

2014-07-22 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Friends of the Earth files OECD complaint against Rabobank finance for illegal palm oil

2014-07-01 | Amsterdam, Brussels | FOE Netherlands, FOE Europe
BankTrack news BankTrack blog Partner news Partner blog

OECD complaint against Rabobank concerning financial services to Bumitama

2014-06-27 | Milieudefensie
Blog
BankTrack news BankTrack blog Partner news Partner blog

UK government accepts complaint over GCM Resources’ Bangladesh coal mine

2013-06-14 | London | Miriam Ross
Blog
BankTrack news BankTrack blog Partner news Partner blog

Complaint seeks resettlement and compensation from Shell and UK banks for damage caused by Sakhalin II oil and gas project

2012-07-31 | Sakhalin Island, Russia | Pacific Environment
Blog
BankTrack news BankTrack blog Partner news Partner blog

BP violating human rights rules, says UK government

Company failed to respond to alleged intimidation by Turkish security forces along its UK-backed Caspian oil pipeline
2011-03-09 | UK | The Corner House et. al
BankTrack news BankTrack blog Partner news Partner blog

Church of England disinvests from Vedanta Resources after following up on issues also raised in OECD Guidelines complaint

2010-02-08 | OECD Watch
BankTrack news BankTrack blog Partner news Partner blog

NGOs lodge complaint against ANZ Bank for PNG illegal logging ties

2006-08-23 | Australia and Papua New Guinea | Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

ING withdraws finance for Botnia paper mill in Uruguay

2006 | BankTrack
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