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Banks and human rights: the Thun Group and the UN guiding principles on business and human rights

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  • de Felice, Damiano

Abstract

The publication of the Thun Group’s discussion paper The Guiding Principles on Business and Human Rights: An Interpretation for Banks represented a critical step on the way to delineate the relationship between the financial sector and human rights: the document lays the foundations for the adoption of the first ever comprehensive guide on how universal banks should operationalise their responsibility to respect human rights. As the arguments offered by the Thun Group are likely to influence the way in which numerous financial institutions integrate human rights into their operations, this article offers a critical assessment of the discussion paper. Notwithstanding several positive features, the Thun Group relies on a faulty subsidiary approach, avoids fundamental issues like access to effective remedy and downplays the importance of effective engagement with affected stakeholders.

Suggested Citation

  • de Felice, Damiano, 2014. "Banks and human rights: the Thun Group and the UN guiding principles on business and human rights," LSE Research Online Documents on Economics 58796, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:58796
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    More about this item

    Keywords

    banks; finance; Thun Group; Guiding Principles; business and human rights;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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