With the final approval of the Council of the European Union to the European Parliament’s version on 24 May 2024, the EU directive on corporate due diligence was adopted. The aim of the new directive is for European companies to check all their business partners worldwide for compliance with human rights and environmental standards in the future – including their indirect suppliers and the buyers of their products. Companies across Europe will have to document their efforts to ensure that there are no cases of for example child labour or environmental damage in their global supply chains. The new rules also apply to companies from third countries such as Switzerland if they generate an annual revenue of more than 450 million euros in the EU. SwissHoldings is currently analysing the impact of this new law on its members.
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