April 25, 2023
Cited article by Huw Jones, Reuters
HRRC supports the European Union's draft to hold large companies accountable for human rights violations and environmental damage. While the planned rollout isn't until 2030, laws addressing these concerns are invaluable and the EU is setting an example for other regions to follow suit.
Article Summary
European lawmakers are backing rules that require thousands of large companies to identify and mitigate human rights violations and environmental damage. The draft of the EU's corporate sustainability due diligence directive (CSDDD) was approved by the European Parliament's legal affairs committee. The final version is likely to begin rollout around 2030.
EU companies with a turnover of at least 40 million euros ($44 million USD) would be covered, and some companies outside the EU would fall within the guidelines as well, including some in the United States. Negotiations are planned to start with EU member states with plans to have a final deal by the end of the year.