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OHCHR response to request from BankTrack for advice regarding the application of the UN Guiding Principles on Business and Human Rights in the context of the banking sector
Author: The Office of the High Commissioner for Human Rights (OHCHR) (Switzerland), Published on: 13 June 2017
The Office of the United Nations High Commissioner for Human Rights (OHCHR) has been approached by the non-governmental organisation BankTrack to provide advice regarding the application of certain aspects of the UN Guiding Principles on Business and Human Rights...in the context of the banking sector. Specifically, BankTrack has requested advice and clarification on the factors that would influence how a bank is involved with an adverse human rights impact; the responsibilities of banks with respect to remediation in situations where a bank has contributed to an adverse human rights impact; and the role of operational-level grievance mechanisms in this context...The purpose of this note is to provide advice and clarification of the UNGPs in relation to the particular questions posed...It may also be a resource for other stakeholders in their efforts to implement the UNGPs...This note builds on, and aligns with, earlier advice prepared by OHCHR in relation to the application of the UNGPs to the financial sector.