The Bank’s consistent practice is not to comment on information relating to clients or specific transactions. As we have said previously, Santander operates strict policies that govern our financing for the whole Group. This includes our social, environmental and climate change risk management policy, which governs our criteria to lend to sectors such as energy, mining, metals, and soft commodities. All policies are approved by our Board of Directors, who also oversee (through the Responsible Banking, Sustainability and Culture Committee) our approach to sustainable finance.

We monitor the activities of all beef processing clients in the region closely and are working with clients, as well as other banks, governments, and regulators to improve practices in the region with a particular focus on issues associated with indirect supply chains. We recognise this is a highly complex challenge that requires a multifaceted, multi-lateral response. We, are, however, fully committed to playing our part.

Please note that Santander’s reply is in regard to the text in English sent to us. Just for reference, here is the English text sent to Santander:

“Among other things, the company [JBS] sources animals from cattle farms in the state of Pará in the Amazon region, which were created through illegal deforestation. Between 2017 and 2019 alone, JBS purchased cattle from farms responsible for a deforestation area of approximately 216,000 hectares. Furthermore, reports by Global Witness proved that suppliers of JBS in Pará were involved in forced labour, slave trade and land grabbing. European financial institutions such as Deutsche Bank, Santander and BNP Paribas nevertheless continue to finance the group's activities.” (translated by BHRRC).