Introduction
The Fair Bank Guide – An IntroductionThe Dutch Fair Bank Guide is a dynamic database developed to benchmark the largest 12 Dutch banks on various social, economical and environmental sectors and issues. It is an overview of the banks’ policies on issues like climate change, human rights, labour rights, arms trade, transparency and sectors like oil/gas, fishery, banking etc. The database is accessible to the general public at no cost. During the project period, the initiators of the Fair Bank Guide will assess the banks’ policies every three months. Second, policies will be compared with case studies and draw conclusions about the extent to which the banks follow their own policies.
The Fair Bank Guide was formally launched on 22 January 2009. The Fair Bank Guide is an initiative by Oxfam Novib, Amnesty International Netherlands, Dutch labour union FNV and Friends of the Earth Netherlands. From 2010 on the initiative became formally supported by the Dutch Society for the Protection of Animals. The research has been done by Profundo. The VBDO (Dutch Association of Investors for Sustainable Development) functions as advisor to the Fair Bank Guide initiative. Banktrack’s December 2007 report ‘Mind the Gap’ served as inspiration for this initiative.
Race to the Top
The aim of the tool is to initiate a ‘race to the top’ between banks on the subject of corporate social responsibility (CSR). Ideally, a self-reinforcing process will develop in which social, environmental and economic standards are raised continuously. The Fair Bank Guide contributes to large banks’ CSR policy transparency on a wide variety of issues, benefiting a wide audience. It stimulates consumers to critically compare their own bank’s CSR policy with that of other banks and to address their bank regarding the shortcomings in its CSR policy.
Case Studies
In July 2009 we published our first case study (about controversial arms trade). It showed that 6 out of the 12 Dutch banks invest their own or their clients’ money in companies that manufacture controversial weapons, like cluster bombs, and sell arms to rogue states. The case study resulted in a public and media outcry, serious political attention in the Dutch parliament, some critical comments from involved banks and the planning of meetings between the initiators of the Fair Bank Guide and several banks about the conclusions of this case study.
In May 2010 a second case study was published (about sustainable energy in relation to climate change). It showed that most Dutch banks do not invest enough in sustainable energy. For a reduction of global warming with a maximum of 2 degrees, there is a need of twice as much investments in sustainable energy compared with investments in fossil energy. However, at this moment Dutch banks invest 53% of their energy-investments in fossil energy. After two years new research will be done to compare the outcomes.
Encouraging Results
The launch of the Fair Bank Guide in January 2009 resulted in a great deal of publicity.
At the one year anniversary in January 2010, the site had already drawn some 100,000 unique visitors, with visitors sending around 9,000 messages to banks to request for more sustainable policies. All 12 banks have improved their policies during the first year. All banks stated their intention to co-operate with the Fair Bank Guide. Political parties in the Dutch parliament have encouraged the Finance Minister to stimulate (state-owned) banks to intensify their CSR policies and implementation, citing the Fair Bank Guide.
The publication of the first case study and a media event at the ING head office (July 2009) generated more public interest and publicity, nationally as well as internationally. So did the publication of the second case study in May 2010.
In 2009, five out of six banks criticised in the first case study have improved their (defence) policies.
On 26 November 2009, the CEO's of all banks benchmarked in the Fair Bank Guide published a common statement "Dutch banks call for clear agreements on sustainable energy " at the explicit request of the four organizations responsible for the Fair Bank Guide. In this statement all banks stress the importance of more investments in sustainable energy, stressed the fact that they have all signed the "Copenhagen Communiqué ", promised to cooperate in a study on sustainable energy of the Fair Bank Guide (to be published early 2010) and called on the Dutch Government to introduce a long-term and clear (legal) system that encourages investments in sustainable energy projects. The same day, we have published a press release welcoming the statement of the 10 banks but also requested the banks to concretize their new commitment to finance more sustainable energy projects.
The Future
The five initiators will keep updating the Dutch Fair Bank Guide every three months and publish new case studies. The organisations hope the success of this practical tool will inspire partner organisations around the world to develop their own Fair Bank Guides for banks operating in their countries.
Fair Bank Guide in the Media:
There was extensive media coverage in The Netherlands about the launch of the Fair Bank Guide (January 2009), the first quarter update (April 2009), the first case study (July 2009), the third quarter update (October 2009), the first anniversary of the Dutch Fair Bank Guide (January 2010), the quarter update in April 2010, the second case study (May 2010) and the quarter update in July 2010 (when bank policies on “Bonuses” was included in the Dutch Fair Bank Guide, at the request of many Fair Bank Guide – users).
In July 2009, there was some international media coverage about the case study about controversial arms trade too:
Reuters, July 1, 2009:
Dutch banks still invest in arms companies- report
3 News, Nieuw Zeeland, July 2, 2009:
Dutch banks still investing in arms?
More Information about the Fair Bank Guide:
Oxfam Novib
Mr. Peter Ras, Policy Advisor CSR
E-mail: eerlijkebankwijzer@oxfamnovib.nl
Mauritskade 9
Postbus 30919
2500 GX Den Haag
The Netherlands
Phone Oxfam Novib: +31 70-3421621
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