A/HRC/4/99 page 14 do incorporate ESG issues into their research and evaluation, and use their influence as a bondholder or shareholder to encourage companies to have appropriate policies and implementation systems. In this context questions were raised about what impact investors could achieve with regard to human rights since they are two or three steps removed from the project, while lenders were closer but still not responsible for implementing the business. With respect to due diligence carried out by export credit agencies (ECAs), it was noted that every case is handled individually, and that ECAs are unlikely to turn a project down on human rights grounds, preferring instead to engage and seek improvements. 46. Some participants asserted that existing voluntary initiatives could be improved or deepened to reflect a stronger commitment to international standards, while others stressed the need to broaden membership to emerging markets or to companies that do not have human rights policies. It was suggested that there is no contradiction between broadening and deepening, and that the goal is to see meaningful standards at as many banks as possible; Equator Principles banks will still be criticized if they are involved in problematic projects, as will financial institutions that do not have any human rights standards. 47. There was a discussion about confidentiality: While many participants hoped for greater transparency, participants from financial institutions in both the public and private sector argued that they often cannot disclose details of client transactions, including whether such transactions have negative or positive human rights impacts. V. HUMAN RIGHTS STANDARDS AND DECISION-MAKING 48. The fifth session was moderated by John Ruggie (Special Representative of the Secretary-General for human rights and transnational corporations and other business enterprises). The session aimed to identify the prospects for enhancing the role of human rights in the activities of the financial sector. Panellist presentations 49. Samuel Nguiffo (Director, Center for Environment and Development, Cameroon) said that while human rights abuses may occur as a result of company activities, there is often reluctance by transnational companies (TNCs) and the financial sector to address human rights as a matter of obligation. The existing sets of principles and initiatives in relation to the financial sector constitute a positive step, but they need to be improved because of their limitations in terms of material scope (they do not cover all human rights), applicability and reach (not all companies are bound by them), and nature (they are voluntary as opposed to mandatory). The increasing importance of financial institutions from emerging economies, with no or few such standards, creates a risk of a race to the bottom. A shift from voluntary to mandatory rules seems necessary. It would require the following: independent monitoring of the implementation of existing schemes, with publication of results; means of redress for violations of rights; improved access to justice for potential victims of the activities of TNCs in host countries, including the prevention of restrictions to access to justice as side-effects of host Government agreements; and the strengthening of human rights protection by States from abuses by private actors.