…We read the Information Sheet you shared concerning the NEOM Green Hydrogen Project which has been shared with the relevant teams within the bank. We are extremely concerned to learn of alleged labour rights abuse and thank you for drawing our attention to this matter.

Indeed, Crédit Agricole conducts its business relationships with clients with the greatest respect for human rights. The Bank expects its corporate clients to develop good working practices and business ethics to limit their environmental and social Impacts. This expectation is particularly important in relation to human rights, a material issue for the Crédit Agricole Group, as it has entered into voluntary commitments (Human Rights Charter, United Nations Global Compact, etc.), and is subject to legal obligations in certain countries (e.g. OECD Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business).

These obligations are based in part on carrying out due diligence, assessed on a sectoral basis using data from extra-financial rating agencies. The minimum level expected of clients corresponds to their commitment to respect Human Rights (Universal Declaration of Human Rights, ILO Fundamental Conventions, UN Global Compact), and to publish a Code of Conduct that extends to their own suppliers…