From the destruction of the livelihoods of the Indigenous Peoples of South America to the exploitation of resources in the Congo to the supply of weapons to warring parties in the Yemen War, time and again, human rights violations for which multinational companies bear responsibility are coming to light. But what about those with less direct involvement? For instance, what role do banks and even life insurance companies play in these human rights abuses?
Financial institutions invest in mining companies that repeatedly violate the rights of Indigenous Peoples, lend to European pesticide manufacturers that sell their toxic products to countries with less stringent standards, and facilitate the placement of bonds for arms companies that profit from serious human right abuses. Because companies in the real economy depend on financial institutions to operate, banks and investors have enormous power to secure human rights. That is, these financial institutions can make a conscious decision to establish or to decline a financial relationship with a company based on whether they agree with its social and environmental practices and policies in addition to its future economic performance.
How Much Pain for Corporate Gain?– the latest report in the Dirty Profits series, published annually by Facing Finance – reveals the massive involvement of financial institutions on the German financial services market in industries particularly susceptible to practices that violate human rights. Banks and life insurance companies have provided them investments or financing worth billions of euros. To date, the financial sector has not sufficiently used its power to ensure human rights and environmental protections for the peoples affected by their lending and investment decisions.
On the occasion of the publication of Dirty Profits 9, the Friedrich-Ebert-Stiftung and Facing Finance cordially invite you to a joint virtual event on 14 July 2022. Representatives from politics, civil society and the financial sector will not only talk about concrete cases of human rights violations by companies, but will also discuss ways in which financial institutions can take actions beyond their role as mere capital providers or investors and contribute proactively to the protection of human rights.
For the event, we are very pleased to announce the participation of Tommy Piemonte, Head of Sustainable Investment Research, Bank for Church and Caritas eG; Antje Schneeweiß, General Secretary, Working Group of Church Investors, and member of the EU Platform on Sustainable Finance; Dom Vicente Ferreira, Bishop of Brumadinho, Brazil; and Sanae Abdi, MP and SPD Parliamentary Group spokesperson on development policy (TBC).
We look forward to exchanging ideas with you!
Vanessa Müller, Project Coordinator, Dirty Profits Report, Facing Finance, Berlin
Franziska Korn, Policy Advisor for Business and Human Rights/Decent Work Worldwide, Friedrich‑Ebert‑Stiftung, Berlin
14 July 2022, 2:30–4:30 p.m. (CET)
REGISTER NOW
