BSR Members Only
Date and Time
November 28, 2023
10:40 am-12:00 pm EST
Financial Services | Human Rights
The UN Guiding Principles on Business and Human Rights state that those affected by adverse human rights impacts should have access to remedy. While state and non-state mechanisms are critical to ensuring access to remedy, financial institutions have an important role to play. Under the Guiding Principles, they should also establish or participate in effective grievance mechanisms to provide redress for people who have been harmed by their products, services, and business relationships.
BSR and its partners are co-hosting a session at the 12th United Nations Forum on Business and Human Rights, entitled “Towards Effective Remedy in the Finance Sector.” This event will shed light on a key part of the remedy ecosystem—the role of grievance mechanisms and their value to rights-holders, as well as to financial institutions, and the importance of developing effective mechanisms as part of a broader approach toward access to remedy under the Guiding Principles. Panelists will explore examples of remedy in cases involving financial actors, as well as key recommendations for how to improve these mechanisms to better integrate a human rights approach, and other tools financial institutions can use to ensure a robust remedy ecosystem.
Key discussion questions include:
- What progress has been made in the financial sector since the adoption of the Guiding Principles in terms of access to remedy for affected rights-holders? What gaps still exist today? What are the challenges for affected rights-holders to achieve full reparation and justice when a financial institution is involved or has contributed to harm?
- What can and should financial institutions do to integrate a human rights approach into their operations and investment/financing cycles including access to remedy?
- What progress has been made in the development of grievance mechanisms in the financial sector? To what extent have affected rights-holders been involved in the design of these mechanisms? How are judicial mechanisms complimentary to these mechanisms?
The session is co-organized by the UN Working Group on Business and Human Rights, Accountability Counsel, BankTrack, BSR, Equitable Cambodia, Inclusive Development International, Principles for Responsible Investment, Investor Alliance for Human Rights, and PODER.
- Camilo Bermudez, Litigation Director, COPINH
- Ivette Gonzalez, Director of Strategic Liaison, Advocacy, and Public Relations, PODER
- Kees Gootjes, Business & Human Rights Advisor, ABN AMRO
- Pichamon Yeophantong, Member, UN Working Group on Business and Human Rights