In March 2021, the European Parliament voted by an overwhelming majority for the adoption of a binding EU law that requires businesses to conduct environmental and human rights due diligence along their full value chain or face concrete fines, sanctions and/or civil liability. On Wednesday, the European Commission adopted a proposal for such a law.
The European Commission has adopted a proposal for a binding EU law that ensures businesses are held accountable and liable when they harm - or contribute to harming – human rights and the environment. The proposal will be presented to the European Parliament and the Council for approval. Once approved and adopted, EU Member States will have two years to transpose the Directive into national law.
Below is a brief overview of the key elements of the law.
In short, both EU and non-EU businesses:
EU businesses with more than 500 employees on average and a net worldwide turnover of more than EUR 150 million;
EU businesses with more than 250 employees on average and a net worldwide turnover of more than EUR 40 million, where at least 50% of this turnover was generated in one or more of the following sectors:
the manufacture and wholesale of textiles, leather, clothing and footwear
agriculture, forestry, fisheries, the manufacture of food products, and the wholesale trade of agricultural raw materials, live animals, wood, food, and beverages; and
the extraction of mineral resources...
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