ESG Gaining Momentum in the European Union
July 23, 2021
The EU appears to be intent on addressing human rights violations and Environmental, Social, and Governance concerns. Germany recently adopted the so-called Supply Chain Act. Starting in January 2023, German companies with more than 3,000 employees will be required to conduct adequate due diligence concerning human rights and certain environmental risks in order to protect human rights across their activities and their supply chains. The European Commission is developing an EU-wide directive on corporate due diligence and accountability, which will have major implications for companies working in and with the EU. Vera Cherepanova, writing in FCPA Blog, says that crowd-sourcing of ethics and compliance risk assessments is a good strategy to adopt. Sharing data generally, especially due diligence outcomes, will likely have a mutually reinforcing effect and lead to awareness of risks like forced labor in operations and supply chains.
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