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Factsheet: On quiet soles

The factsheet examines the financial relations between European financial service providers and the European footwear industry. It explains whether the banks under investigation are committed to the OECD Guidelines and the UN's "Guiding Principles on Business and Human Rights" and whether they are bindingly demanding environmental and social standards from their business customers. Financial service providers are also obliged to respect these principles. They must take appropriate and effective remedial action if they are injured. Therefore, as the factsheet makes clear, banks must require shoe manufacturers to disclose their supply chains and related review reports, as well as to comply with social and environmental standards, before entering into financing contracts with them. This factsheet is based on an analysis of 23 European shoe companies and their financial relationships with 23 European financial service providers between June 2012 and June 2016. Financial service providers were asked in a survey to explain whether and how social and environmental standards play a role in their credit and equity decisions. The study was conducted by the German NGO Facing Finance on behalf of the Change Your Shoes campaign.

Scope: 6 pages
Reference: free of charge for download