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News


LUXEMBOURG’S FDC RECEIVES OECD RESPONSIBLE BUSINESS COMPLAINT

By Susanna Rust13 March 2024

   
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Greenpeace Luxembourg has filed a complaint with the OECD National Contact Point
in Luxembourg against the country’s pension reserve fund, Fonds de Compensation
(FDC).

The NGO’s complaint alleges that FDC’s investment company’s investment
activities are in breach of the OECD Guidelines for Multinational Enterprises on
Responsible Business Conduct with respect to their recommendations on
disclosure, environment, human rights, and consumer interests.

Greenpeace Luxembourg said that FDC must set up a sustainable investment
strategy in line with the guidelines and that it should conduct human rights and
environmental due diligence to address any adverse impacts linked to their
investments and establish a grievance mechanism that allows stakeholders to
report sustainability-related issues.



In a statement, a spokesman for FDC said that it is a public institution and not
in scope of the OECD guidelines.

“The FDC’s sustainable investment strategy is in line with its legal mission and
is set out in its directive of the board of directors, which was approved in
January 2023 by the minister in charge of social security,” he added.

A spokesman for Luxembourg’s economy ministry confirmed that Greenpeace had
lodged a complaint with the OECD national contact point, which had three months
to decide if it was admissible and, the case depending, to carry out an initial
evaluation.

The OECD guidelines in question are recommendations addressed by governments to
multinational enterprises, but many European investors incorporate them, as well
as the UN Guiding Principles on Business and Human Rights into their investment
policies on a voluntary basis.



Greenpeace Luxembourg has been campaigning on FDC’s sustainable investment
strategy since 2015. In 2020 the fund published a sustainability report after
the NGO initiated legal proceedings. Greenpeace said the fund “has not been
responsive to its recommendations”.

The NGO’s complaint to the OECD national contact point comes as backers of the
EU’s sustainability due diligence law fight for its survival. The next member
state vote on the regulation is scheduled for Friday.

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Susanna Rust
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Susanna is deputy news editor at IPE. At IPE she covers responsible investment
and EU regulation, but also enjoys reporting on developments in and around the
UK pensions industry. Having been a financial journalist since 2008, Susanna
started her career as a corporate governance/corporate social responsibility
analyst at proxy advisory firm PIRC.View full Profile


MORE FROM SUSANNA RUST


 * INVESTOR GROUP COMPLAINS TO COMMISSION OVER DEFENCE CONFERENCE TREATMENT


 * IPE ESG BRIEFING: ENVIRONMENT AGENCY PENSION FUND DEVELOPS NEW RI POLICY


 * NEW UK GROUP AIMS TO PROVIDE ‘LOUD TRUSTEE VOICE’ ON SUSTAINABILITY




TOPICS

 * Corporate Sustainability Due Diligence Directive (CSDDD)
 * ESG
 * Fonds de compensation
 * Greenpeace
 * OECD Guidelines for Multinational Enterprises
 * Western Europe

   
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