The Dutch Ministry of Foreign Affairs commissioned this report on behalf of the OECD Working Party on Responsible Business Conduct as a first step in a dialogue on what the OECD Guidelines for Multinational Enterprises mean for the day-to-day practice of the financial sector. In particular, this project report seeks to identify financial institutions’ current environmental and social due diligence practices, perception and application of the concept of supply chain responsibility as embedded in the OECD Guidelines for Multinational Enterprises. The Ministry hopes that this study will help to inform stakeholders and other parties interested in the dialogue on responsible business conduct in the financial sector.
The report draws on primary survey and interview data from global financial institutions supplemented by desktop research. Fifty-two surveys and 29 interviews were completed.
This report was authored by Sustainable Finance Advisory (SFA) under the supervision of the Dutch Ministry of Foreign Affairs, the project Advisory Group and the OECD Secretariat.
As a result of the project and report a set of recommendations to further promote responsible business conduct in the financial sector are currently being considered by the OECD’s Working Party on Responsible Business Conduct. One of which includes clarification on how the OECD Guidelines apply to the different types of products and services offered to clients by different types of financial institutions.