Financial Institutions and Human Rights

Abstract

The enormous size of today’s financial markets coupled with the economic clout and reach of modern financial institutions means that these entities exert a very significant influence on global human rights enjoyment. Despite the attempts of financial institutions to present themselves as ethical and as supportive of human rights, analysis of practice within the sector reveals only a very marginal integration of human rights policies and principles within their business models, mostly on the basis of a subsidiary approach whereby it is assumed that financial institutions and human rights only come into contact with each other through the funding of companies in other sectors (for example, mining) who may be directly violating rights. Financial institutions have largely failed to get to grips with an understanding of how their operations may directly impact on human rights enjoyment—despite the social and economic devastation of the crisis. This creates a significant implementation gap and presents a clear challenge to the United Nations Guiding Principles on Business and Human Rights which call for human rights to be embedded right across business operations.

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