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.
Frank Bold together with other leading NGOs working on corporate sustainability and sustainable finance raised strong concerns about the delay in the publication of the Sustainable Corporate Governance initiative, as well as the lack of information explaining such new delay.
Due diligence is a precondition for the sustainable activities as defined by the EU Taxonomy and green financing under the Sustainable Finance Disclosure Regulation, including green bonds. Particular ESG due diligence requirements will be regulated by the forthcoming Sustainable Corporate Governance Directive. To help companies better understand its scope and to clarify its requirements, Frank Bold is hosting a webinar. It will feature international experts from companies such as Ericsson and outdoor clothing manufacturer Vaude. We invite you to join us on 26 January at 10 am CET.
In mid-December, the European Commission acknowledged a large part of the arguments put forward by the Czechia in an effort to prevent the expansion and continuation of illegal mining at the Turów mine in Poland, that endangers the sources of drinking water for thousands of people in the Liberec region and, according to new studies, has serious impacts on groundwater in Germany as well. Frank Bold's lawyers, who defend the interests of Czech citizens, have long been involved in the case.
