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Standard CharteredUnited Kingdom
Active
This profile is actively maintained
Last update: 2024-12-17 00:00:00
Standard Chartered's head office in London. Photo: Shkuru Afshar via Wikimedia Commons (CC BY SA 4.0)
Active
This profile is actively maintained
Last update: 2024-12-17 00:00:00
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About
| Website | http://www.standardchartered.com |
| Headquarters |
1 Basinghall Avenue
EC2V 5DD London
United Kingdom
|
| CEO/chair |
Bill Winters CEO |
| Supervisor | |
| Ownership |
listed on Bombay Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange & National Stock Exchange of India
Standard Chartered's shareholder structure can be accessed here. |
Standard Chartered originates as a merger of two banks in 1969: The Chartered Bank of India, Australia and China, and Standard Bank of British South Africa. Despite its British base, Standard Chartered has few customers in the United Kingdom. Ninety percent of its profits come from Asia, Africa, and the Middle East. Its operations lie predominantly in former British colonies, though over the past two decades it has now expanded operations into 70 countries. Standard Chartered offers banking products to consumers, private clients and business, including an extensive Islamic banking operation.
Sustainability
Commitments
Policies
Voluntary standards
Standard Chartered's most important sustainability commitments can be found at the website sections listed below.
Standard Chartered has committed itself to the following voluntary standards:
Dodgy Deals
Standard Chartered is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Standard Chartered's link to these deals.
Projects / Companies
Finance type
Year
Resources
Documents
Videos
Links
EACOP: a crude reality, documentary
Accountability
Grievances
Response
tracking
Although Standard Chartered has established a whistleblowing channel open to both employees and other stakeholders, it is not clear whether this channel can be used to raise complaints related to human rights issues. In any case, stakeholders may lodge complaints with the OECD National Contact Points (see OECD Watch guidance).
In addition, Standard Chartered is a member of the Roundtable on Sustainable Palm Oil (RSPO), which operates a grievance mechanism to address violations of its standards, including concerns about human rights abuses in the palm oil industry. Affected individuals and communities can access this mechanism here.
Standard Chartered is an Equator Principles signatory. While the Equator Principles have no official grievance mechanism, complaints relating to this bank's financing of Equator Principles projects can be filed through our own website www.equator-complaints.org.
This page evaluates Standard Chartered's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".
Impacts reviewed
Responded?
Total score
Response
Action
Monitoring
Rio Tinto's Jadar mine, Serbia (December 2021)
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank did not respond. Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action. Monitoring
0
Out of 1
Rationale for score
No information to indicate the bank is monitoring the actions of its clients, or actions it might itself have taken in response to the impacts raised. More info
Banks and Dirty Diesel: Vitol and Trafigura (May 2017)
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank publicly responded citing client confidentiality. Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action. Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored progress. More info
Don't Buy into Occupation report (November 2022)
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank responded citing client confidentiality Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action. Monitoring
0
Out of 1
Rationale for score
No information to indicate the bank is monitoring the actions of its clients, or actions it might itself have taken in response to the impacts raised. More info
Don't Buy into Occupation report (September 2021)
0
0
0
0
Response
0
Out of 1
Rationale for score
The bank responds publicly but without acknowledging the bank's link to the impact. Action
0
Out of 1
Rationale for score
The bank provides evidence of having reviewed its management systems to prevent such impacts from occurring in the future, but without this being considered an appropriate and sufficient remedy by rights-holders involved in raising the issue with the bank. Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored progress.
Following the bank's response: The bank has not provided details on how it monitored the progress of specific companies or how the bank monitored the impact on rights-holders involved in raising the issue with the bank of its own action of updating the Agriculture sector policy. Therefore, the score remains unchanged.
More info
East African Crude Oil Pipeline (March 2021)
1
0.5
0.5
0
Response
0.5
Out of 1
Rationale for score
The bank initially responded publicly stating that it was undertaking due diligence on the project. At a later time, the bank responded publicly by confirming it would not finance the project in question. It did not comment on or respond to the substance of the issues raised. Action
0.5
Out of 1
Rationale for score
The bank publicly announced it will not finance the project in question. The bank remains exposed to TotalEnergies, the project developer, and has stated that it engaged with Total as part of its due diligence. However it has not (yet) set out specific actions that it requires (or will require) the company to take to address the impacts raised. Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored measures taken by its client to address the impacts associated with the project. IOI Corporation labour standards violations (February 2016)
0.5
0.5
0
0
Response
0.5
Out of 1
Rationale for score
The bank publicly responded confirming that it has "acted for IOI on a number of transactions" but stated that "client confidentiality, a legal obligation, does nonetheless prevent us from discussing specifics of a possible relationship with any particular company." The bank acknowledged its responsibility to respect human rights, and provided general details about its policies and process, but did not comment on or respond to the substance of the issues raised. Action
0
Out of 1
Rationale for score
The bank did not provide any details on whether it had engaged with its client or taken appropriate action. Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored progress. More info
Nachtigal Hydropower project, Cameroon (January 2021)
1.5
1
0.5
0
Response
1
Out of 1
Rationale for score
The bank publicly responded acknowledging its link to the impact and responding in its comments to the issues raised. The bank stated that it is "aware of the communities’ concerns and have been using our leverage, in collaboration with other lenders to the project, to ensure that they continue to be prioritised and systematically resolved". Action
0.5
Out of 1
Rationale for score
The bank has stated that, together with the other financial lenders, it is using its leverage to ensure the concerns of the communities are prioritised by the company. The bank also attached a copy of a letter from its client which addresses the issues raised by communities. The bank did not outline details of specific actions sought from the company. Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored the issue or steps taken by the client. Average
86%
0.43
0.29
0.14
0
Banks and Climate
Banks and Climate
The 2024 Banking on Climate Chaos report showed that Standard Chartered provided US$ 71.421 Billion in financing to the fossil fuel industry between 2016 and 2023. In 2023 only, Standard Chartered provided US$ 2.645 Billion for oil, gas and coal companies expanding fossil fuels. Find further details on Standard Chartered fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.
Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Standard Chartered’s fossil fuel policy below.
Banks and Human Rights
Banks and Human Rights
BankTrack assessed Standard Chartered in its 2024 Global Human Rights Benchmark, where it achieved 7 points out of 15 and was ranked as a “follower”.
The bank scored 0 out of 3 points on the new “specific rights indicators”, which assess how banks address human rights defenders, Indigenous Peoples’ right to Free, Prior and Informed Consent and environmental rights in their policies and practices.
In addition, Standard Chartered scored 0.43 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the “Accountability” section of this profile.
The table below shows BankTrack's assessment of how Standard Chartered has implemented the UN Guiding Principles on Business and Human Rights. Please click on 'expand all details' and 'explanation' for further information on the methodology.
Our policy assessments are always a work in progress. We very much welcome any feedback, especially from banks included in the assessments. Please get in touch at humanrights@banktrack.org.
Global Human Rights Benchmark 2022
BankLast update
Country
Score
Ranking
Details
Standard Chartered
GBR
7.5
Front runner
7.5
0
Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6.5 points
7 - 10 points
10.5 - 14 points
For more details see this page.
Global Human Rights Benchmark 2024
BankLast update
Country
Score
Ranking
Details
Standard Chartered
GBR
7
Follower
7
0
Explanation
Laggard
Follower
Moderate achiever
Leader
0 - 3 points
3.5 - 7 points
7.5 - 10.5 points
11 - 15 points
For more details see this page.
Banks and Nature
Banks and Nature
Standard Chartered’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 6.4 out of 10 and ranking it as a front runner. Standard Chartered achieved a score of 5.4 out of 10 specifically for its policies related to the beef sector and 6.6 out of 10 for its policies related to the palm oil sector. In addition, BankTrack and the Environmental Paper Network have assessed Standard Chartered’s policies related to the pulp and paper sector.
Between 2016 and 2022, Standard Chartered provided USD 1,766 million in credit to companies operating in these forest-risk sectors. For more information, see the links below.
Forest & Finance Policy Assessment 2022: Overall scores
BankLast update
Country
Score
Ranking
Details
Explanation
A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Forest & Finance Policy Assessment 2022: Beef
BankLast update
Country
Score
Ranking
Details
Explanation
A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Forest & Finance Policy Assessment 2022: Palm Oil
BankLast update
Country
Score
Ranking
Details
Explanation
A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Tracking the NZBA
Tracking the Net Zero Banking Alliance
Standard Chartered is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.
Banks and Russia
Banks and Russian Aggression in Ukraine
BankTrack is keeping track of the public response of Standard Chartered to Russia's illegal invasion of Ukraine. Standard Chartered did not publicly condemn the war. Standard Chartered is considered by Leave-Russia.org to be "pausing investments" with its operations in Russia. We consider its exposure to Russia as limited. For further details, see the table linked below.
Banks and Steel
Banks and Steel
As part of the Net Zero Banking Alliance (NZBA), Standard Chartered is required to set interim targets for 2030 for high emission priority sectors. For Standard Chartered, this includes its lending to the steel sector. You can see Standard Chartered’s iron and steel decarbonisation targets, and its progress towards meeting them in our NZBA steel targets compliance tracker:
Standard Chartered is also a member of the Sustainable Steel Principles. This means it has committed to measuring and disclosing its steel-related financed emissions on an annual basis, and reporting its alignment with the International Energy Agency’s Net Zero by 2050 pathway for the steel industry.
Partner organisation Reclaim Finance’s 2023 report on metallurgical coal financing showed that Standard Chartered provided US$ 3 billion in loans and underwriting to developers of new metallurgical coal between 2016 and 2022. Find further details on Standard Chartered’s metallurgical coal financing and and how it compares to other large banks globally in the report.
Reclaim Finance tracks the metallurgical coal policies of financial institutions, including banks, in their Coal Policy Tool. BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Standard Chartered’s metallurgical coal policy below.
According to a report by Reclaim Finance, between 2016 and June 2023, Standard Chartered provided $4.6 billion in finance to the fossil-steel industry, making it the 30th largest financier worldwide. Find further details on Standard Charetered's steel financing and how it compares to other large banks globally in the report.
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