The Risk Advisory Group’s Post

https://www.pwc <<In practice, the CSDDD follows OECD guidelines in setting out six steps that all companies must take to fulfil their obligations. They must: integrate due diligence into company policies; identify actual and potential adverse environmental and human rights impacts; prevent and minimise potential adverse environmental and human rights impacts and cease adverse impacts; establish a complaints procedure; monitor the effectiveness of the company’s due diligence process; communicate their findings – for companies covered by the CSRD, this communication will be included in their consolidated sustainability reporting; other companies will have to make an annual statement on their website.>> #duediligence #CSRD #humanrights #environment #complaints #impact #ESG #CSR #ESMA

On 25th of July, the EU officially published the Corporate Sustainability Due Diligence Directive (CSDDD). This legislation mandates large companies to integrate due diligence into their operations, focusing on human rights and environmental impacts. Key points include: - Scope: Applies to large EU companies and significant non-EU companies operating in the EU. - Requirements: Companies must identify, mitigate, and report adverse impacts, engage stakeholders, and implement climate transition plans. - Enforcement: Includes significant fines and potential exclusion from public procurement for non-compliance. For detailed FAQs, check the official publication. #Sustainability #ESG #CorporateResponsibility #CSDDD #EURegulations

Yesterday, 24th of April, EU parliament approved the Corporate Sustainability Due Diligence Directive (CSDDD) which aims to ensure that companies take proactive measures to respect human rights and mitigate environmental impacts within their operations and supply chains. After a four-year process of negotiations and debates, the parliament marked a major political breakthrough and a turning point for human rights and environmental due diligence. While the directive focuses on large companies, pushes SME's and the broader business landscape to embrace more responsible business practices. #SustainableBusiness #SociallyResponsibleBusiness #SustainableDevelopment #CorporateResponsibility Source: Plan A linkedin

This study aims to understand why some social and environmental reporting regulations are more successful than others in modifying collective corporate reporting behaviour and expectations. More specifically, it presents a qualitative and historically informed exploration of the construction of the enabling conditions for corporate adoption of sustainability reporting regulation in a national context. https://lnkd.in/g_bmvmmJ #sustainabilityreporting #CSRD

Provisional agreement reached on the EU’s proposed corporate sustainability due diligence directive (CSDDD), outlining rules for large businesse to assess and address adverse human rights and environmental impacts. #esgreporting #ESG #sustainability

🎉The EU's Corproate Sustainability Due Diligence Directive (CSDDD)🎉 On 24 April 2024, the European Parliament approved the final text of the CSDDD. Whilst the CSDDD still needs to be formally endorsed by the European Council, signed and published in the EU Official Journal, it is unlikely that further changes will occur. ❓What will it require❓ At a high level, the CSDDD will require firms and their partners upstream and downstream (e.g., suppliers, distributors) to prevent, end or mitigate their adverse impact on human rights and the environment. Such impacts include slavery, child labour, biodiversity loss, pollution or destruction of natural heritage. The CSDDD is extra-territorial, and therefore non-EU companies may be in-scope and required to comply. ❓How should directors prepare❓ This directive places a significant responsibility on companies and directors to conduct thorough due diligence processes regarding their supply chains' impacts on human rights and the environment. Member states will provide companies with detailed information on their due diligence obligations, however, directors should think about preparing now by: ▶️ integrating due diligence into their policies  ▶️seeking contractual assurances from their partners ▶️improving their business plan  ▶️adopting a transition plan to make their business model compatible with the Paris Agreement global warming limit of 1.5°C For some companies, this will mean a fundamental shift in mindset and operations. Embracing sustainability is becoming a business imperative, and investors are increasingly concerned about these issues. As noted by the Principles for Responsible Investment, the proposal supports investors’ risk and impact analysis and enables better informed investee engagement. ❓What if you don’t comply❓ Each Member State will have a supervisory authority, tasked to investigate and impose penalties on non-complying firms. These will include “naming and shaming” and fines of up to 5% of companies’ net worldwide turnover. Companies will be liable for damages caused by breaching their due diligence obligations and have to fully compensate victims. 👇 A couple of resources are below. #CSDDD #duediligence #sustainability #humanrights #accountability

The Corporate Sustainability Due Diligence Directive (#CSDDD) has finally been adopted by the EU Council. According to the Environmental Justice Foundation (EJF), "the legislation still lays the groundwork for more sustainable business conduct and greater corporate responsibility, as the CSDDD will empower governments to hold large companies to account for damages to the environment or human rights". Although its scope has been reduced, it still can level the playing field for large companies - first in the EU, then spreading globally - just like GPRD did - leading to a more effective application of #ESG criteria.

The what, when and why of the EU's CSDDD (Corporate Sustainability Due Diligence Directive): https://lnkd.in/eFkmkyQU The new law – that passed on 24 April 2024 at the European Parliament – beckons a new era of corporate due diligence for the EU and more. But what does it actually mean for the business world? Read our Basics to find out more. #sustainability #duediligence #humanrights #environment #corporatesustainability #accountability

🚀 Navigating the CRSD Directive! 🌍✨ The new EU law, Corporate Sustainability Reporting Directive (CSRD), is here to ensure companies report on their environmental and societal impacts. CSRD promotes transparency and accountability for a fairer economy from climate change to diversity. 🔍 Discover how your organisation can prepare: 📊 Implement monitoring & reporting strategies 👩🏫 Train staff for compliance 🌱 Gain a competitive edge with sustainable practices Ready to future-proof your business? Dive deeper into the CSRD on our blog! 🔗 https://lnkd.in/eh54JJfQ #CooneyCarey #Sustainability #CorporateResponsibility #CRSD #BusinessGrowth #ESG #GreenEconomy 🌿📈

💥 Let's celebrate these good news from UE about an historic breakthrough on #responsible business conduct ! A few days ago, EU Parliament and Council reached an agreement on #Corporate Due Diligence, to set new rules to safeguard #human rights and #environment impacts! 🤝 One year after the adoption of the Corporate Sustainability Reporting Directive (#CSRD) about the due diligence processes in the companies (an obligation to #tell)📈, the Corporate Sustainability Due Diligence Directive (#CSDDD) sets behavioural obligations to identify, prevent, mitigate, communicate and remedy adverse impacts in their value chain (the obligation to #act). 🤜🤛 Companies are now responsible for potential abuses in their #value chain and that's a starting point for shaping the economy of the future that puts the #well-being of people and the #planet before profits and #short-termism! #sustainability #reporting #ESG #CSRD #GRI #derechoshumanos #impactoambiental #mitigar #cadenadevalor