I’m sure many of you have been poring over the European Parliament’s proposed text for the EU Corporate Sustainability Due Diligence Directive that was approved yesterday! 🥳
We have too - it’s incredible to see the many places of alignment with the UN Guiding Principles - the prioritisation of due diligence based on salience, the three modes of involvement, the responsible disengagement, the meaningful use of contracts, the inclusion of meaningful stakeholder engagement, the reference to the remedy eco-system, the recognition that impacts occur in all sectors, the inter-connections between environmental and human rights due diligence, the incentives for directors to achieve the targets of the company’s transition plan, the recognition of purchasing practices, and the list goes on. ✅
We know this is not by accident - looking at you - a number of you on this listserv who have been day in day out involved in shaping this, alongside the tireless work of Lara Wolters and her aides. 👏
I’m seeing updates on Linkedin that the due diligence duty is now law. Not so fast, this is the EP’s negotiating position. Now that Parliament has adopted its position, negotiations with member states on the final text of the legislation can begin! 🕰
Here is an insight with further information on this very important development.