Research and results
The human rights performance of 22 ASX-listed financial companies
Using our benchmark, we assessed the human rights performance of 22 ASX-listed financial service entities (FSEs). The following results are based on their 2019 financial year disclosures.
These findings are inter-related but seek to identify the root causes of FSE failure in human rights risk management and to provide a pathway towards better human rights results for our financial services, their customers, clients, employees, and for society at large.
We observed several trends in performance across each of the five factors in our benchmark.
While there is evidence of some human rights awareness in terms of our FSEs’ policy positions, due diligence and outcomes (represented as green and amber in the figure below), this awareness is not reflected in FSEs’ governance arrangements, nor is it routinely reflected in practice as concrete and positive outcomes.
Our sample captures a broad range of ASX-listed financial services entities, with the exception of stand-alone superannuation entities.
The decision to focus on listed FSEs reflects both the extent and the depth of disclosure provided by listed financial services entities. This is not to suggest the disclosure of these entities is uniformly of a high standard when it comes to human rights information: it isn't.
The absence of mandatory disclosures around non-financial risk in the Corporations Act, regulations and accounting standards any disclosures we found were made on a voluntary basis, with no consistency between FSEs on what information to disclose, nor how best to disclose it.