All articles tagged with #corporate sustainability
The European Parliament approved a provisional agreement to significantly reduce sustainability reporting and due diligence requirements for companies, including raising thresholds for coverage and removing certain obligations, as part of the Omnibus I package aimed at easing compliance burdens while maintaining sustainability goals.
EU member states have voted in favor of a stripped-down version of the corporate sustainability due diligence directive, requiring companies to check supply chains for environmental and labor practices. The legislation, which still needs to be voted on by MEPs, aims to hold companies accountable for their impact on people and the environment. While some see it as a victory, others argue that the diluted plans could indirectly impact smaller businesses and lead some to withdraw from the developing world.
EU countries, led by Germany's Free Democrats, blocked a law requiring large companies to audit their supply chains for forced labor and environmental damage, citing concerns about excessive bureaucracy. This marks the second time the proposed corporate sustainability due diligence directive has been stalled, with Belgium considering addressing member states' concerns. The law, designed to take effect in 2027, would apply to EU companies with over 500 employees and a net worldwide turnover above 150 million euros.
The European Council failed to approve a new corporate sustainability due diligence law, facing objections from countries including Germany and Italy, despite a provisional agreement with the EU Parliament. The law aimed to set mandatory obligations for companies to address their negative impacts on human rights and the environment, but faced setbacks and last-minute efforts to scale back its scope. Sustainability-focused groups expressed disappointment, emphasizing the need for responsible corporate behavior and urging the EU to find a way to ensure the legislation's approval.