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EU parliament approves new business supply chain audit law

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By illuminem briefings

· 1 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: The European Parliament has passed the Corporate Sustainability Due Diligence Directive (CSDDD), mandating large companies to audit their supply chains for forced labor and environmental harm.

🔭 The context: The directive aims to enforce thorough checks throughout the entire supply chain, affecting both upstream and downstream operations, from design to distribution

🌍 Why it matters for the planet: The CSDDD is designed to mitigate harm to human rights and the environment, addressing issues like child labor and biodiversity loss within corporate supply chains

⏭️ What's next: Starting from 2028, the directive will apply to firms with over 1,000 employees and a net worldwide turnover exceeding 450 million euros 
• It intends to promote corporate responsibility and sustainability in European business practices

📈 One stat: EU lawmakers backed the CSDDD by 374 votes to 235 against, with 19 abstentions

Click for more news covering the latest on ESG


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