Banks and Human Rights: A South African Experiment

Abstract

Human rights actors have increasingly turned their attention to the role of multinational corporations (MNCs) and their ability to promote or impede the fulfillment of economic, social and cultural rights. This discussion requires an analysis of all relevant players, including those who finance the operations of MNCs. Banks can have significant influence over the operations of MNCs and their role needs to be the subject of greater interrogation, in theory, policy and practice. This article records and analyses some of the policy-oriented initiatives undertaken in South Africa towards the creation of standards for banks operating in the region. Experts and practitioners in Africa have come together to determine the realities faced by the banks of major development projects in the region. This resulted in the Draft Johannesburg Principles of 2011 – yet to be adopted by industry – which speak to the overall protection of human rights by banks.

Keywords: Human rights, Multinational corporations, Banks, Johannesburg Principles, Business and human rights