WebFeb 25, 2024 · On 23 February 2024, the European Commission (“Commission”) adopted a proposal for a Corporate Sustainability Due Diligence Directive (“Proposed Directive”) laying down new obligations for large companies to ensure that their own activities and those of their supply chains comply with human rights and environmental sustainability criteria. WebThe Supply Chain Due Diligence Act also specifies penalties for non-compliance, including fines of €50,000 in administrative enforcement costs and up to €8 million for organizations whose revenue is below €400 million. Organizations with more than €4 million in earnings will be fined 2% of their average annual revenue.
German Supply Chain Due Diligence Act (SCDDA) explained
WebMar 26, 2024 · Germany’s new supply chain due diligence law – ‘Lieferkettengesetz’ – follows similar laws from UK and France. Increasingly, European countries are looking to … WebLkSG(German supply chain due diligence law) for a just and sustainable economy ... That is, why this legislation is key for Italian companies doing business in Germany, but also for … corrado\\u0027s market weekly circular
The European corporate sustainability due diligence Directive: it
WebMar 21, 2024 · As a result, approximately 700 companies with a presence and more than 3,000 employees in Germany are required to comply with several supply chain due diligence obligations set out in the Act. In 2024, the scope will be broadened and will cover approximately 2,900 companies with a presence and more than 1,000 employees in … WebJun 11, 2024 · The law does not require companies to undertake thorough and systematic due diligence on indirect suppliers further down the supply chain, which is often where … WebJul 21, 2024 · The Act is the first piece of German legislation requiring companies to establish, implement, and update internal compliance procedures and due diligence … corrado\\u0027s market in clifton nj