This article examines recent measures undertaken by major commercial banks to mitigate and address human rights risks associated with their financial dealings in the arms industry. By reviewing the corporate policies of 20 leading banks that provide financing to top arms manufacturing and exporting companies, the article provides insights into three significant aspects of banks’ efforts: the development of defence sector policies, the implementation of risk assessments for adverse human rights impacts, and the application of exclusion clauses. These measures highlight the increasing recognition by banks of the need to address the ethical, social and human rights implications of financing arms deals, contributing to the broader regulatory and normative framework governing the arms industry.

The quest for corporate accountability remains unabated in the business and human rights (BHR) field. This paper examines the role of multinational corporations (MNCs) and Business Interest Associations (BIA) as entrepreneurs, antipreneurs and saboteurs in setting human rights standards. Through this conceptualization, this paper argues that corporate accountability remains elusive because of corporate actors’ normative power and influence in the BHR norm contestation. It attributes corporate actors’ influence in the norm contestation to the UN multistakeholder design that sees nonstate actors as partners and stakeholders in setting global human rights standards. This paper then argues that to force a norm change in the BHR field, there is a need to rethink the BHR governance model. Corporate actors must be reconceptualized as ‘regulated individuals’ during norm discussions and standard-setting processes.