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The link between financial services' business activities and their human rights impacts are not well understood. Publicly benchmarking performance can.
AMP, Magellan, the big four banks and IOOF are among 22 ASX-listed financial firms that have scored poorly on a new human rights benchmark. The finding has come from research by the University of
Westpac Banking Corporation
The Report authors, University of Sydney Law School researchers, rated companies’ performance in the above categories in Financial Year 2019 across five areas: retail; commercial lending investment and services; employees; suppliers and supply chain; and society.
The researchers, Professor David Kinley and Dr Kym Sheehan, found that all companies were deficient in these areas. “There are no winners or losers in this research: all of the companies can make considerable improvements,” said Professor Kinley, an internationally renowned human rights lawyer.
For example, while many have human rights policies and some have relevant due diligence procedures, none mandate that their board or key committees consider human rights, as envisaged in the UN’s Guiding Principles on Business and Human Rights.