Banks not generous with information

14th November 2007, Comments 0 comments

14 November 2007, BRUSSELS - The amount of information that the banks release about businesses in which they invest is coming under fire.

14 November 2007

BRUSSELS - The amount of information that the banks release about businesses in which they invest is coming under fire.

The Christian white collar union LBC and the NGO Network Flanders have looked at this issue and are not impressed by the results. They have now launched a new website on which investors can check whether or not their investments are ethical ones.

The two organisations have come to the conclusion that many banks are still investing in companies that violate environmental and labour regulations.

In a number of instances weapon embargoes were sidestepped.

Inez Louwagie of Network Flanders says that some banks invest in businesses that supply arms to military dictatorships.

In many cases these are Chinese firms that western companies have introduced on the stock exchange.

By investing in such companies the banks are violating arms embargoes.

Network Flanders and the trade union are also providing a manual on ethical investments intended for the staff of Belgium's eight largest banks.

[Copyright Flanders news 2007]

Subject: Belgian news

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