UBS Faces OECD Scrutiny
UBS is under scrutiny by the OECD over human rights risks in its passive investments.
An OECD investigative body has asked UBS to closely monitor potential business conduct risks within its passive holdings. This request follows a complaint about investments in US private prison companies accused of human rights abuses.
- CoreCivic and the GEO Group are the two prison firms in question.
- Non-profits, including BankTrack, Coalition for Immigrant Freedom, and Worth Rises, lodged the complaint.
- The complaint was filed with the Swiss and UK National Contact Points.
The non-profits allege human rights violations and abuses, including forced labour, withdrawal of food and water, and suspension of visitation rights.
Author's summary: UBS faces OECD scrutiny over human rights risks.
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