31 Jan 20
Indigenous representatives file a complaint against Credit Suisse in the US
The Society for Threatened Peoples welcomes a complaint against Credit Suisse submitted by indigenous representatives to the National Contact Point for the OECD Guidelines for Multinational Enterprises in the US. The reason for the complaint is the continuing financial relationship between the Swiss bank and the operators of the Dakota Access Pipeline (DAPL).
Yesterday, American indigenous representatives from Standing Rock filed a complaint against the major Swiss bank Credit Suisse (CS) with the US National Contact Point for the OECD Guidelines for Multinational Enterprises. The reason for the complaint is the persisting financial relationship between the major Swiss bank and the operators of the Dakota Access Pipeline (DAPL).
In October 2019, the Society for Threatened Peoples (STP) concluded an arbitration procedure with CS mediated by the Swiss National Contact Point for the OECD Guidelines. Although the STP complaint was motivated by the protests over Standing Rock, the negotiations concentrated on the bank’s policy on project financing and indigenous rights. CS agreed to give greater consideration to the rights of indigenous communities in its policy. This policy change is, however, limited to direct project financing and excludes important activities such as corporate financing or the equity business.
“The STP welcomes the complaint filed by the indigenous people from Standing Rock,” says Angela Mattli, campaign manager at the STP. “It is of crucial importance that CS respects the self-determination of indigenous communities in other business areas as well. In the DAPL case, Credit Suisse issued credits to the companies and not for the actual project, which is therefore not covered by the new policy. Thus, further scandals are prevented only to a limited extent. The risk that the rights of indigenous people will be violated remains.”
Read the Press release of the indigenous representatives in the USA:
Website WECAN (Women’s Earth and Climate Action Network) – Indigenous Women’s Divestment Delegations