Rethinking Bretton Woods | Tue, Jun 9, 2015
The international civil society network Fair Finance Guide International (FFG) recently launched its report on Transparency and Accountability in the Financial Sector. The report examines key aspects relating to transparency and accountability, and to reporting about tax related issues, as they apply to 47 banks in the seven countries where FFG is active. The report includes a contribution authored by CoC team member Aldo Caliari: “Transparency of banks’ environmental, social and human rights - the case of the United States."
In his contribution, Caliari argued that transparency requirements for the banking sector in the US, even after the financial legislation overhaul post-2008 crisis, are very much driven by the goals of financial stability and prevention of systemic risk. “This explains why regulations fail to address transparency on environmental, social, or human rights concerns affecting the activities of the banking sector,” he said.
“The aim of Fair Finance Guide is to promote a race to the top among financial institutions in their policies and practices,” said Imad Sabi, the Methodology and Research Coordinator in FFG. “We want this report on transparency and accountability to highlight where banks are and to set demands and expectations in this regard”.