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«A case study of Fair Finance Guide International Transparency & Accountability in the Financial Sector A case study of Fair Finance Guide ...»

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2 The financial institution's Environmental and Social Risk Management System is audited by a third party and the results are published.

3 The financial institution publishes the names of companies and governments in which it invests.

The financial institution publishes, with regard to its investments in shares, the names of the companies invested in.

The financial institution publishes, with regard to its investments in corporate bonds, the names of the companies invested in.

The financial institution publishes, with regard to its investments in real estate, the names of the real estate projects which it has invested in.

The financial institution publishes, with regard to its investments in sovereign bonds, the names of the states which it has invested in.

The financial institution publishes, with regard to investments in investment funds, the names of the funds it has invested in.

4 The financial institution mentions and describes all companies (on its website) to which it has granted more than €1 million credit.

The financial institution publishes the names of the companies and governments which secured a syndicated loan from a banking syndicate in which the financial institution participated.

5 The financial institution discloses the names of all current and recently closed project finance deals and project related corporate finance deals, including the information required by the Equator Principles III.

6 The financial institution publishes a breakdown of outstanding investments to region, size and industry (in line with GRI FS6).

7 The financial institution publishes a breakdown of outstanding investments preferably in a cross table to industry and region. The industry breakdown is sufficiently detailed, for example, based on the main categories (the first two figures) of the Standard Industrial Classification.

8 The financial institution publishes the number of companies with which there has been interaction on social and environment topics (in line with GRI FS10).

9 The financial institution publishes the names of companies with which there has been interaction on social and environment topics, including the results of this engagement.

10 The financial institution publishes its voting record.

-99The following elements are crucial for a policy regarding the financial institution's internal operations:

The financial institution publishes its full voting record.

11 The financial institution publishes a sustainability report that may contain (a number of) Standard Disclosures of the GRI G4 Sustainability Reporting Guidelines.

12 The financial institution publishes a sustainability report that is set up in accordance with the GRI G4 Sustainability Reporting Guidelines, which includes the Financial Services Sector Supplement (FSSS).

13 The financial institution’s sustainability report has been verified externally.

14 The financial institution reports on the consultation with civil society organisations and other stakeholders.

The report includes an overview of stakeholders.

The report includes the results of the consultation.

15 The financial institution has an internal grievance mechanism for stakeholders and social organisations.

16 The financial institution shall abide by the decisions of an independent grievance mechanism, separate from the financial institution, the stakeholders and social organisations.

Table 22 Assessment Elements Theme Taxes & Corruption

The following elements are crucial for a policy regarding the financial institution's internal operations:

1 For each country in which the financial institution operates, it reports country-by-country on its revenues, costs, profit and tax payments to governments.

2 Financial institutions do not advise companies to set up international corporate structures with the main purpose to avoid taxes, nor do they participate in transactions with such structures.

3 Financial institutions do not own subsidiaries nor associates in tax havens, unless the subsidiary or associate has substance and undertakes local economic activities.

4 Financial institutions do not provide financial services to companies in tax havens, unless the company has substance and undertakes local economic activities.

Does the financial institution provide a complete overview of its structure of ownership, including all its subsidiaries and participations, also those in tax havens?

Does the financial institution make clear which services the subsidiaries and participations offer in tax havens?

5 Offering, promising, giving and requiring, either directly or indirectly, bribes and other undue advantages in order to acquire and to maintain assignments and other undue advantages, is unacceptable.

The following elements are crucial for a policy regarding the companies a financial institution invests in:

6 For each country in which companies operate, they report country-by-country on their revenues, costs, profits and payments to governments (e.g. withholding taxes, payments for concessions and company tax).

7 Companies focus their international enterprise structure and their international transactions in a way that reflects the economic substance of the activities and transactions undertaken, without any steps made primarily to secure a tax advantage.





8 Companies publicly report on their beneficial owner or owners including full name, date of birth, nationality, jurisdiction of incorporation, contact details, number and categories of shares, and if applicable the proportion of shareholding or control.

9 Offering, promising, giving and requiring, either directly or indirectly, bribes and other undue advantages in order to acquire and to maintain assignments and other undue advantages, is unacceptable.

-100Companies have a management system with which immediate action can be taken if employees or suppliers are guilty of corruption or tax evasion.

11 Companies report on their participation to the decision-making processes of international norms and legislation (lobby practices).

12 Companies integrate criteria on taxes and corruption in their procurement and operational policies.

13 Companies include clauses on the compliance with criteria on taxes and corruption in their contracts with subcontractors and suppliers.

-101References The Economist (2014, December 11), ”Corporate Transparency. The Openness Revolution”, The Economist.

1 Kusuma, C. and Prasetyo, A. (2015, March 17), ”Does the tax authority really go too far with your bank 2 account?”, Jakarta Post.

Kowalczyk-Hoyer, B. And S. Côté-Freeman (2013), ”Transparency in Corporate Reporting: Assessing 3 Emerging Market Multinationals”, Transparency International.

Tweede Kamer der Staten-Generaal (2013, 17 April), “2329. Questions by the members of Parliament, and 4 the answers by government”.

Plateforme Paradis Fiscaux et Judiciaires (2015), “What are the biggest French banks doing in tax havens?”, 5 p.1-2.

European Parliament and the Council of the European Union (2013), “Directive 2013/36/EU of the European 6 Parliament and the Council of the European Union of 26 June on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC”, Official Journal of the European Union, L 176/338: Art. 89.

Europa Nu (2015, 27 January), “Money laundering, company owner lists to fight tax crime and terrorist 7

financing”, online:

http://www.europa-nu.nl/id/vjqxlyxnckwu/nieuws/money_laundering_company_owner_lists_to?ctx=vh1alzift7 wj, viewed in March 2015;

European Parliament and the Council of the European Union (2013), “Proposal for a Directive of the European Parliament and of the Council on the Prevention of the Use of the Financial System for the Purpose of Money

Laundering and Terrorist Financing”, online:

http://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX:52013PC0045, viewed in March 2015.

European Parliament and the Council of the European Union (2014), “Directive 2014/95/EU of the European 8 Parliament and the Council of the European Union of 22 October amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups”, Official Journal of the European Union, L 330/1: Art.19a.

Belgisch Staatsblad/Moniteur Belge (2014, May 7), ‘C – 2014/03194, Wet op het statuut van en het toezicht 9 op kredietinstellingen (1)’, Belgisch Staatsblad, pp. 36794-36945.

European Parliament and the Council of the European Union (2013), “Directive 2013/36/EU of the European 10 Parliament and the Council of the European Union of 26 June on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC”, Official Journal of the European Union, L 176/338: Art. 89.

De Nederlandsche Bank (2012, 31 January), ‘AMLD 2005/60/EC’, online:

11 http://www.toezicht.dnb.nl/en/4/1/51-225302.jsp, viewed in March 2015;

European Parliament and the Council of the European Union (2005, 26 October), “Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”, Official Journal of the European Union, L 309/15.

European Parliament and the Council of the European Union (2013), “Proposal for a Directive of the European 12 Parliament and of the Council on the Prevention of the Use of the Financial System for the Purpose of Money

Laundering and Terrorist Financing”, online:

http://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX:52013PC0045, viewed in March 2015..

European Parliament News (2014, 17 December), ‘Money laundering: Parliament and Council negotiators 13

agree on central registers’, Press release - Justice and home affairs / Economic and monetary affairs, online:

http://www.europarl.europa.eu/news/en/news-room/content/20141216IPR02043/html/Money-laundering-Par liament-and-Council-negotiators-agree-on-central-registers, viewed in March 2015.

European Parliament and the Council of the European Union (2014), “Directive 2014/107/EU of the European 14 Parliament and the Council of the European Union of 9 December amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation”, Official Journal of the European Union, L 359/1.

Jones, H. (2015, March 25), “Shadow banking morphs and grows, confounding authority”, Reuters.

15 11.11.11 (2014, October 15), “Is meer transparantie voor banken nu een feit?”, online:

16 http://www.11.be/artikels/item/is-meer-transparantie-voor-banken-nu-een-feit-2, viewed in March 2015.

-102October 15), “Is meer transparantie voor banken nu een feit?”, online:

17 http://www.11.be/artikels/item/is-meer-transparantie-voor-banken-nu-een-feit-2, viewed in March 2015.

11.11.11 (2013, June), “NGO rapport: de betrokkenheid van Belgische banken bij voedselspeculatie”, online:

18 http://www.11.be/wat-doet-11-11-11/beleidsbeinvloeding/11-dossiers/item/ngo-rapport-de-betrokkenheid-va n-belgische-banken-bij-voedselspeculatie, viewed in April 2015.

19 Facing Finance (2014, December), Dirty profits 3: report on companies and financial institutions benefitting from violations of human rights, Berlin, Germany, pp.1-112.

Official Journal of the European Union (2014, November 15), ’Directive 2014/95/EU of the European 20 Parliament and of the Council of the European Union of 22 October amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups”, Official Journal of the European Union, L 330/1: Art.19a.

Official Journal of the European Union (2014, November 15), ’Directive 2014/95/EU of the European 21 Parliament and of the Council European Parliament and of the Council of the European Union of 22 October amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups”, Official Journal of the European Union, L 330/1: Art.19a.

Financité (2014), L’investissement socialement responsable en Belgique: rapport 2014, Belgium, pp. 1-123.

22 FEBRABAN – Conselho de Auto Regulação Bancária (2008), “Normativo SARB 003/2008”, Conselho de 23

Auto-Regulacao Bancária online:

http://www.autorregulacaobancaria.com.br/pdf/Normativo_SARB_003-2008%20_atualizado_pelas_RRs_00 2-2009_e_005-2011_.pdf, viewed on March 17, 2015 24 Banco Central do Brasil (2010, March 25) Resolucao N. 003849.

25 Banco Central do Brasil (2014, April 25) Reolucao No. 4.327, de 25 de Abril de 2014, pp.1-4.

26 FEBRABAN (2014) Normativo SARB No. 14, de 28 de Agosto de 2014, online:

http://www.autorregulacaobancaria.org.br/pdf/Normativo%20SARB%20014%20-%20Responsabilidade%20 Socioambiental%20-%20aprovado%20CAR%2028.08.14.pdf, viewed on March 17, 2015.

Presidência da República - Casa Civil -Subchefia para Assuntos Jurídicos (1998, March 3), “Lei No. 9.613, de 27 Marco de 1998”, Congreso Nacional.

28 Banco Central do Brasil (2009, June 24), Circular No. 3.461, pp.1-16.

Presidência da República, Casa Civil - Subchefia para Assuntos Jurídico (1998, March 3), “Lei No. 9.613, de 29 3 de Marco d 1998”, Congreso Nactional.

FEBRABAN – Conselho de Auto Regulação Bancária, (n.d.) “Homepage”, online:

30 http://www.autorregulacaobancaria.com.br, viewed on 17 March 2015.

FEBRABAN (2013), Normativo SARB 011/2013 – Prevencao en Combate A Lavagem De Dinheiro e AO 31

Financiamento Do Terrorismo, online:

http://www.autorregulacaobancaria.org.br/pdf/Normativo_SARB_011_2013_PLDCFT.pdf viewed on March 17, 2015.

Presidência da República - Casa Civil -Subchefia para Assuntos Jurídicos (2011, November 18), “Lei No.

32 12.527, de 18 de Noviembre de 2011, Congreso Nacional.



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