Home Complaints database BankTrack et al., vs. UBS Group, Swiss National Bank, Barclays, and HSBC
Complaint

BankTrack et al., vs. UBS Group, Swiss National Bank, Barclays, and HSBC

Four Swiss and UK banks’ links to human right impacts through their investments in US private prison operators

Date filed
16 January 2024
Keywords
Countries of harm
Current status
Under review
Sector
NCP

Allegations

On 16 January 2024, three civil society organisations, BankTrack, the Coalition for Immigrant Freedom, and Worth Rises, filed complaints against Swiss based-banks UBS and Swiss National Bank and US-based banks Barclays and HSBC to the Swiss and UK NCPs, respectively. The complaints focus on the banks’ direct linkages to human rights harms taking place in US private prisons operated by CoreCivic and GEO Group, in which the banks invest. The complainants allege that the banks have not carried out adequate human rights due diligence with respect to their investments and that they have not sought ways to prevent or mitigate adverse impacts to which they are directly linked. The complainants are seeking increased disclosure and transparency as well as for due diligence to be conducted by the banks, including for the banks to exercise their leverage to mitigate impacts and potentially divest if impacts are not satisfactorily addressed.

The complaint refers to 2021 guidance issued by the UN Office of the High Commissioner for Human Rights (UN OHCHR), which confirmed banks’ responsibilities regarding the impacts of companies in which they hold shares on behalf of clients. The UN OHCHR’s guidance was sought in relation to a previous NCP complaint filed by Society for Threatened Peoples against UBS Group.

The complaint is filed under both the 2011 and 2023 versions of the OECD Guidelines in relation to the banks’ operations both prior to and continuing after the update of the text in June 2023.

Relevant OECD Guidelines

Outcome

On 28 August 2024, the Swiss NCP published its initial assessment accepting the complaint against UBS and offered its good offices to the parties. The initial assessments in the complaints against Swiss National Bank (Swiss NCP), Barclays (UK NCP), and HSBC (UK NCP) have not yet been published.

More details

Defendant
Company in violation
Other companies involved
Complainants
Affected people
Other NCP's where the complaint was filed

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