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Next steps in operationalizing and implementing the Dutch Banking Sector Agreement of October 2016 (IMVO Covenant) in the core investment process.
FMO, the Dutch development bank, launched new policy (“Position Statements”) that will embed and implement broad measures to identify and respect human rights in investment projects. This effort is the next concrete step in respecting of human rights following the signing of the Dutch Banking Sector Agreement a year ago, when the Dutch banking sector agreed to increase their responsibility to respect human rights in their investment activities.
Jürgen Rigterink, CEO FMO, “Human rights are a top priority for FMO. As we invest in the most challenging and fragile economies, we are more likely to face human rights challenges in our projects. Our new policy builds on valuable feedback from our stakeholders and we are thankful for their constructive input. Next step is to implement effective processes across our investment cycle so we can walk the talk on human rights.”
The Bank announced that it will increase its dedicated resources, broaden its focus to explicitly and systematically address human rights in due diligence and across the investment process, step up structural dialogue with key stakeholders and prepare to report on human rights performance as of 2018.
Measures to implement the new Position Statements include:
FMO, as a development bank, adheres to the IFC Performance Standards, which remain the primary standard in guiding client relationships. Since 2013, FMO has been upholding the UN Guiding Principles on Business and Human Rights (UNGPs). In addition, last autumn, FMO signed the Dutch Banking Sector Agreement on International Responsible business conduct regarding human rights (IMVO).