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Discussion Paper on implications of UNGPs 13 & 17 for corporate & investment banks
This discussion paper:
Provides
- a conceptual framework to help consider the meaning and reach of Principle 13 of the UNGPs…for banks in a corporate and investment banking context
- further consideration of the due diligence envisaged by Principle 17.
Determines that banks should, under the UNGPs:
- develop environmental and social (E&S) risk management policies and procedures to support identification, prevention and mitigation of impacts caused and/or contributed to by clients to which the bank provides financial products and services. These policies should include a requirement to perform due diligence on higher risk transactions and/or clients…
Introduces the concepts of:
- Proximity to an impact, which may indicate the “degree of directness” of linkage between the impact and the product and service offered by the bank, and
- Unit of analysis, as a means to inform the focus of a bank’s due diligence…
Illustrates, through case studies, under which circumstances direct linkage may apply depending on the unit of analysis.”…