Submission by OECD Watch to the Investment Committee in preparation to the IC Working Party
meetings on the 23rd and 24th of March on the Application of the OECD MNE Guidelines to the
Financial Sector, Item 4.a of ICWP Agenda DAF/INV/WP(2009)1
In the document submitted to the Investment Committee on 23 March 2009 OECD Watch pointed out that in the light of the current global economic crisis, two fundamental issues related to a financial institution’s own behaviour and its influence and impact on business partners should be addressed. The first one is how the OECD Guidelines and related instruments might be applied more effectively to the financial sector to improve trust, transparency and accountability; and how the operations of the financial sector can be made more responsible across their global operations, including with respect to their choice of partners and clients, and provision of financial products and services.
OECD Watch called on the Investment Committee to announce a review of the OECD Guidelines for Multinational Enterprises and to begin discussing the scope, conditions and timeline of the process. The review must be a transparent and inclusive process involving NGOs, BIAC and TUAC on an equal footing and would ideally involve wider consultation. It should take into account the recent developments in the global economy and consider what needs to be improved for more stringent implementation and effective application of the OECD Guidelines to all MNEs, including those in the financial sector.