BYM in ‘quiet diplomacy’ with Barclays Bank
‘Staff will be watching keenly.’ Britain Yearly Meeting on how it will be noting Barclays Bank's approach to human rights, following a meeting.
Britain Yearly Meeting (BYM) staff met with Barclays Bank representatives last month. The meeting was about the bank’s financial relationships with companies supplying military equipment to Israel in the context of the violence in Gaza. Paul Parker, BYM’s recording clerk, attended the meeting with other BYM staff.
Grace Da Costa, public affairs and media manager for BYM, told the Friend: ‘Barclays agreed to a meeting after Paul sent an open letter to the bank citing research by War on Want, Campaign Against Arms Trade and Palestine Solidarity Campaign showing that the bank holds over £2 billion in shares in such companies, as well as providing over £6 billion in loans and underwriting.’
The letter noted how Barclays highlights its Quaker roots on its website. It asked for the bank to end its relationships with ‘arms companies complicit in the current violence in Gaza’, noting that these were ‘entirely at odds with the modern values of the Quaker community’.
In the meeting, BYM highlighted evidence ‘of grave violations of human rights and international law in Gaza’, said Grace. ‘They asked how Barclays was fulfilling its responsibility to ensure its business wasn’t contributing to this. Barclays staff shared information about the policies and due diligence processes the bank applies in conflict situations to mitigate the human rights risks of its activity. They said there were plans to strengthen its human rights approach. BYM staff shared several ways they would like to do this, including steps to prevent financing being linked to the indiscriminate use of weapons, be that in Gaza or other violent conflicts.’
Grace added: ‘BYM staff appreciated the chance to learn more about Barclays’ approach, and to share perspectives and experience about the responsibilities of business towards human rights and international law. Questions remain however about whether the bank’s policies and processes are having enough of an impact, including what it would take for the bank to end a client relationship.’
Paul Parker has since written again to Barclays, reiterating BYM’s concerns and suggestions. ‘Staff will be watching keenly to see whether there are developments in the bank’s approach,’ said Grace.
Paul Parker said: ‘At a time when the world desperately needs business to take a principled stance, we must hold companies such as Barclays to account for their impact on people and planet. We’re pleased that they’ve chosen to engage with us and we hope our dialogue can lead to meaningful change.’
