New ASTM Study Reveals Insufficient Commitment to Human Rights by Institutional Actors of the Financial Centre
The United Nations Guiding Principles on Business and Human Rights (UNGP) recognise the responsibility of companies – including those of the financial sector – to respect human rights. To what degree has the Luxembourg financial centre implemented the UNGP, 10 years after their endorsement ? To answer this question, this study takes a look at the human rights policy commitments of institutional actors in the financial centre.By institutional actors we mean actors who represent, control, or regulate other private actors within the financial centre, and who thus participate in the setting of standards in Luxembourg through policy guidance and policy influence..
LUXEMBOURG’S FINANICAL CENTRE & HUMAN RIGHTS
Within the Luxembourg financial centre, the commitment to human rights is insufficient. This is the main finding of a study in which ASTM (Action Solidarité Tiers Monde) analysed the institutional actors of the financial centre and their policy statements.Only three out of 22 analysed actors mention human rights in their general governance documents, and even these focus on the voluntary nature of their statement and do not include a recommendation to conduct human rights due diligence. Through four case studies, the report shows how Luxembourg-based financial actors are linked to human rights violations in China, Palestine, and Latin America. As voluntary commitments have proven to be ineffective, a binding human rights due diligence law must be adopted which includes the financial sector. download study
institutional actors of the financial sector were analysed
actors only mention human rights in their governance documents
commit to the UN Guiding Principles on Business & Human Rights
The study presents four case studies that show the socio- economic interdependence between the Luxembourg financial sector and the Global South, and demonstrate that voluntary commitments are insufficient to prevent human rights impacts.
FUNDS INVESTED IN COMPANY ACCUSED OF CYBER-SURVEILLANCE IN THE CONTEXT OF CRIMES AGAINST HUMANITY AGAINST TURKIC MUSLIM MINORITY
Luxembourg ranks second in the world behind the United States in terms of assets under management in investment funds. With a diversified offering and great expertise, the country has managed to attract a large number of international promoters…learn more
COMPANY LISTED IN THE LUXX INDEX REFUSES TO FULFIL ITS CORPORATE RESPONSIBILITY TO REMEDY
Aperam is a Luxembourg multinational company with a leading global position in the field of stainless, electrical and other specialty steels. The Luxembourg State is a 0.563% shareholder in Aperam…LEARN MORE
NATIONAL BANK INVESTS IN COMPANY ACCUSED OF SELLING MACHINERY USED BY ISRAEL TO DEMOLISH PALESTINIAN HOMES
BGL BNP Paribas is one of the largest banks of Luxembourg’s financial centre. On its website, the French group BNP Paribas, the latest to acquire the historic Banque Générale à Luxembourg (BGL), points to its dominant position in the banking sector at national level…LEARN MORE
LUXEMBOURG PENSION FUND INVESTS IN MINING COMPANY INVOLVED IN VIOLATIONS AGAINST HUMAN RIGHTS DEFENDERS
“Our products help build a better, clearer future“ – states BHP, a multinational mining, metals and petroleum company headquartered in Australia, on its website…LEARN MORE