Four months after the announcement of a political agreement by negotiators from the European Parliament and the Council of the EU, and after a severe reduction of the number of companies covered last March, the EP gave today its final approval to CSDDD.
Members of the Parliament showed strong support for the proposal, with 374 votes in favour, 235 votes against and 19 abstentions.. This vote marks the culmination of a 4-year process to develop a common European framework on responsible business conduct that contributes to fairer and more resilient global value chains while providing a level playing field for European companies.
“Today’s positive vote paves the way for the Directive to become law, marking a shift to binding due diligence expectations in Europe and beyond. After months of uncertainty, this outcome provides the necessary clarity on the path ahead for European businesses and is a step towards more responsible business conduct. In the coming years, we look forward to collaborating with other stakeholders to ensure an adequate transposition and implementation,” says Daniel Torán, Policy Officer at Frank Bold.
Despite the watering down introduced by Member States after the political agreement in December, Members of the European Parliament decided to endorse the text put forward by Council. Frank Bold welcomes this decision and we now call on the Belgian Presidency of the Council to proceed to a swift confirmation by Member States.
What is the content of sustainability due diligence standards, how can companies effectively implement due diligence, and what challenges and benefits does it bring to businesses? These and other questions were answered by speakers at the webinar organised by Frank Bold.
On 23 February 2022, the European Commission released its proposal for a directive on Corporate Sustainability Due Diligence. This directive could represent a landmark step forward in minimising the negative impacts of businesses on workers, communities and the environment worldwide. In response, over 220 NGOs and trade unions from around the world welcome the proposal as an essential and long-awaited step toward corporate accountability, responsible business conduct and access to justice.
Investors, asset managers and civil society organisations call for the prompt implementation of the reform on corporate sustainability reporting and EU standards
