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Corporate Sustainability Due Diligence Directive (CSDDD)
Companies will be required to identify and,where necessary, prevent, end or mitigate adverse impacts of their activities on human rights, such as child labour and exploitation of workers, and on the environment, for example pollution and biodiversity loss. For businesses these new rules will bring legal certainty and a level playing field. For consumers and investors they will provide more transparency. The new EU rules will advance the green transition and protect human rights in Europe and beyond. This proposal establishes a corporate sustainability due diligence duty to address negative human rights and environmental impacts.This proposal applies to the company's own operations, their subsidiaries and their value chains (direct and indirect established business relationships). In order to comply with the corporate due diligence duty, companies need to: integrate due diligence into policies; identify actual or potential adverse human rights and environmental impacts; prevent or mitigate potential impacts; bring to an end or minimise actual impacts; establish and maintain a complaints procedure; monitor the effectiveness of the due diligence policy and measures; and publicly communicate on due diligence.
Corporate Sustainability Reporting Directive (CSRD)
The CSRD aims to replace and expand upon the existing Non-Financial Reporting Directive (NFRD) to strengthen the sustainability reporting obligations for large public-interest companies, including listed companies, banks, and insurance companies.The CSRD proposes to make sustainability reporting mandatory for covered companies, going beyond the current voluntary approach. It will introduce a standardized set of sustainability reporting requirements to ensure the comparability, reliability, and relevance of disclosed information.The CSRD aims to expand the scope of sustainability topics covered in reporting. It is likely to include a broader range of environmental, social, and governance (ESG) factors, such as climate change, biodiversity, human rights, diversity and inclusion, and supply chain impacts. As well, it proposes to introduce requirements for external assurance of sustainability information to enhance the reliability and trustworthiness of reported data.
German Supply Chain Act (LkSG)
The law mandates companies to conduct due diligence to identify, prevent, and mitigate human rights and environmental risks in their global supply chains. This includes assessing risks, implementing measures to address identified risks, and monitoring the effectiveness of these measures. The law focuses on six specific areas of risk: child labor, forced labor, occupational health and safety violations, freedom of association, environmental pollution, and land rights violations. Covered companies are required to prepare an annual supply chain management report, outlining the measures taken to ensure responsible practices in their supply chains. The report should be made publicly available on their websites and filed with the competent authority. The companies concerned must prepare an annual report on the fulfilment of their due diligence obligations in the previous business year. Affected enterprises must submit this report to BAFA no later than four months after the end of the business year.
Norwegian transparency act (NTA)
Companies need to conduct human rights due diligence activities on their operations and their entire supply chain, including business partners – “any party in the chain of suppliers and sub-contractors…from the raw material stage to a finished product”, according to the current text of the Act.