Standard Chartered updates policies to improve animal welfare standards

The move comes after scrutiny of the banking sector's involvement in industries known for cruelty towards animals with limited to no animal welfare policies in place. 

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World Animal Protection's "Banking on Welfare" campaign, which aimed to hold financial institutions accountable for their investments, revealed concerning findings regarding the lack of dedicated animal welfare policies among major UK banks. Following the release of the Banking on Welfare report, which assessed the animal welfare policies of ten leading banks, over 8,000 supporters sent emails urging their banks to adopt stricter guidelines. 

Standard Chartered's decision to update its policies represents a positive step forward for animal welfare. The bank's revised policies now include a prohibition on exotic leather, fur, and angora wool. Additionally, the bank has strengthened its stance against inhumane production systems by explicitly prohibiting financial services supporting the use of gestation and farrowing crates for sows. 

Standard Chartered has also aligned its criteria with the Farm Animals Responsible Minimum Standards (FARMS) Initiative, ensuring that financial services are only provided to clients who adhere to welfare guidelines in transportation and slaughter practices. The bank has also introduced new best practice recommendations aimed at promoting the responsible use of antibiotics and the implementation of ethical standards across industries, including aquaculture. 

The updates come after campaigning by World Animal Protection and its supporters, who have called on banks to prioritise animal welfare in their investment decisions. Standard Chartered's updated policies are a step in the right direction and emphasises the importance of the ethical implications of investments.