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Dutch NCP publishes preliminary and joint statement in POSCO/ ABP case

Mar 19, 2013
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The Dutch NCP has published its preliminary statement in the POSCO case. This case sets an important precedent regarding the applicability of the OECD Guidelines to the financial sector. In its preliminary statement the NCP confirms that the OECD Guidelines also apply to minority shareholding of financial institutions.

The NCP finds that the term “business relationship”, as referred to by the Guidelines, is applicable to financial relationships. 

Also the joint statement of the parties (SOMO, Both Ends, ABP and APG) has been published. ABP and APG claim they are committed to continue to use their influence bringing POSCO’s business practices in line with international principles and standards. The parties call on the NCP’s to jointly commission a review and assessment mission to India to help to facilitate a stakeholder consultation process to resolve current issues and conflicts. The parties have agreed upon the Terms of Reference for such a mission.

The Dutch NCP will seek to collaborate with the South Korean and Norwegian NCP prior to completion of the procedures by the individual NCPs.

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