Summary title: Petition No 0429/2017 by Harald Bolsinger (German) on the compliance of the European Central Bank with the EU Charter of Fundamental Rights
Petition number: 0429/2017
Topics: Financial Services
Country: European Union
Name: Harald Bolsinger
The petitioner calls upon the European Parliament to state its position on the “indirect violations” of the EU Charter of Fundamental Rights by the European Central Bank (ECB). The petitioner is of the view that the ECB, an important EU institution, should change the manner of operationalising its minimum reserve requirements for credit institutions. Namely, the petitioner calls for a change to the manner in which the operational framework of the ECB is currently regulated. The purpose of changing the regulatory framework would be (1) to secure compliance with ethical standards and fundamental rights by ECB-approved issuers of securities and (2) to link compliance with the minimum reserve requirements with an independent, publicly available sustainability ratings agency. To support his petition, the petitioner provides an analysis of data made available by Oekom Research AG, a global rating agency active in the area of sustainable investment. According to the petitioner, the analysis shows that up to 88% of companies whose securities are currently traded within the context of the ECB-approved minimum reserve requirements program do not comply with multiple provisions of the EU Charter of Fundamental Rights. The companies listed include Airbus Group, Eni SpA, Wells Fargo & Co., Anheuser-Busch InBev SA/NV and Lafarge Holcim Ltd. The alleged Charter violations include business malpractices in the areas of environmental degradation, child labour, worker exploitation, and trade in arms.