- Date filed
- 11 March 2024
- Keywords
- Countries of harm
- Current status
-
Under review
- Sector
- NCP
Allegations
On 11 March 2024, Greenpeace Luxembourg filed a complaint against Fonds de Compensation de la Sécurité sociale (FDC) SICAV FIS (‘the Fund’) to the Luxembourg NCP. The Fund was created by the Fonds de compensation commun au régime général de pension (FDC), a public establishment created by law in 2004, relating to the management of the assets of the general pension insurance scheme. The complainant alleges, among other things, that the Fund does not have a risk-based human rights and environmental due diligence policy in line with the OECD Guidelines, nor does the Fund conduct due diligence in line with the Guidelines, including preventing and mitigating impacts linked to its investments. The Fund also does not align with the goals set in the Paris Agreement and has not implemented measurable objectives, targets, and strategies for addressing the environmental impacts such as climate change. According to the complainant, the Fund has also made misleading claims relating to the sustainability of its investments.
The complainant seeks for the Fund to establish a sustainable investment strategy in line with the standards in the Guidelines, including on risk-based due diligence and climate commitments in line with the Paris Agreement; carry out human rights and environmental due diligence in relation to investments; and establish a grievance mechanism, including an ethics committee, in line with the expectations in the United Nations Guiding Principles on Business and Human Rights (UNGPs) allowing stakeholders to report sustainability related issues.
The complaint is filed under both the 2011 and 2023 versions of the OECD Guidelines
Relevant OECD Guidelines
- Chapter II
- Chapter II Paragraph A11
- Chapter II Paragraph A13
- Chapter II Paragraph A14
- Chapter II Paragraph A15
- Chapter III
- Chapter III Paragraph 3A
- Chapter III Paragraph 3D
- Chapter IV
- Chapter IV Paragraph 1
- Chapter IV Paragraph 3
- Chapter IV Paragraph 5
- Chapter VI
- Chapter VI Paragraph 1A
- Chapter VI Paragraph 1B
- Chapter VI Paragraph 1C
- Chapter VI Paragraph 1D
- Chapter VIII
- Chapter VIII Paragraph 4
- Part 1
- Chapter II
- Chapter II Paragraph A10
- Chapter II Paragraph A12
- Chapter II Paragraph A13
- Chapter II Paragraph A14
- Chapter IV
- Chapter IV Paragraph 1
- Chapter IV Paragraph 3
- Chapter IV Paragraph 5
- Chapter V
- Chapter V Paragraph 1 a
- Chapter V Paragraph 1 b
- Chapter V Paragraph 1 c
- Chapter VIII
- Chapter VIII Paragraph 4
Outcome
On 6 December 2024, the Luxembourg NCP published its initial assessment accepting the case for further examination. Notably, the NCP considered FDC to be a ‘multinational enterprise’ with responsibilities under the OECD Guidelines on the basis of its commercial form (a public limited company established for the purpose of investment activities) and international dimension (including the management of its sub-funds by international fund managers across Europe).
More details
- Defendant
- Company in violation
- Complainants
- Affected people