Tim Dee-McCullough FCCA FRSA’s Post

After extensive debate, the compromise text of the EU Corporate Sustainability Due Diligence Directive (CS3D). To help get your business ready, read our article and sign up to our event on April 17th! https://bit.ly/3PCOydn #dwf #CS3D #CSDDD #CSRD #Sustainablebusiness #Londonevent

What a milestone in responsible and transparent business ecosystem.

Time to celebrate❗❓ Yes, we need to improve, but also acknowledge when we make a significant step forward 💥 Here's why today marks a pivotal moment: The EU Parliament did its final vote for the #CSDDD. While many rightly express concerns about it being watered-down, it's crucial to highlight why even this version of the Directive holds significance for driving supply chain transformation. 1️⃣ Signal of Progress: By integrating sustainability due diligence into 'hard law', CS3D sets a precedent, moving beyond mere principles towards actionable legal obligations. 2️⃣ Ripple Effects: The CSDDD indirectly impacts a wide array of companies operating within global value chains, fostering a ripple effect of sustainability awareness and climate action. 3️⃣ Discussion: Despite its limitations, the Directive provides a legal foundation for ongoing discourse and potential future expansion, serving as a catalyst for broader sustainability initiatives and discussion between business partners. 4️⃣ Global Inspiration: As a pioneering effort, the CSDDD sets a benchmark for future due diligence regulations worldwide, offering a roadmap for other regions to follow suit and learn from its implementation. 5️⃣ Knowledge: CSDDD promotes understanding and adoption of climate risk-based due diligence practices throughout supply chains, fostering accelerated action to drive decarbonization along supply chains. With the EU Parliament's approval, the journey towards net zero got again more momentum. Yet, while this marks a significant step forward, there's still a need for continued political support, overcoming implementation challenges and action to ensure effective results. #ClimateAction #SupplyChain #Decarbonization #Scope3

#CSDDD UPDATE: The EU Parliament has approved the Corporate Sustainability Due Diligence Directive, setting new standards for environmental and human rights due diligence across corporate value chains. While the Directive will only apply to member states, it's impact will extend beyond those borders. Companies headquartered outside the EU but operating within its jurisdiction will be required to comply with #CS3D obligations and countries such as the UK are already considering the need to introduce similar mandatory due diligence legislation to support the need for closer supply chain management that respects both people and planet. While concerns have been raised that the CS3D has been watered down, it will still drive a major, positive change in the way businesses manage their human rights and environmental impacts across their value chains. This will include: - 🌐 Integrating human rights and environmental due diligence into company policies across the upstream value chain and part of the downstream value chain 🌐 Conducting risk assessments to identify actual and potential human rights and environmental impacts 🌐 Developing mechanisms to minimise and/or rectify any actual or potential negative human rights and environmental impacts identified 🌐 Operating an efficient complaints procedure 🌐 Implementing a process for monitoring effectiveness and progress over time 🌐 Designing a communication and reporting process to provide transparency and comply with all applicable reporting requirements 🌐 Implementing a climate transition plan. This will take time, but will help companies respond to the growing demands from stakeholders, investors, civil society and now legislators to develop their business models to take account of their wider impacts and improve sustainability, which over the long term will also make them more profitable. #corporatesustainability #humanrights #duediligence #environment

Fantastic Friday! Thrilled to see EU member states finally voting today (15 March) to approve the Corporate Sustainability Due Diligence Directive (CSDDD or CS3D). In recent weeks, doubt was cast over the future of the directive due to efforts by certain countries. While a compromise had to be reached to have a successful vote, this remains a landmark piece of legislation which requires large companies to conduct thorough due diligence throughout their entire value chain and will help ensure respect for human rights and environmental protection through enhancing accountability. Companies with over 1000 employees and a turnover over €450 million are now in scope, representing a third of companies originally intended. The groundwork is now set for future improvement and enhancement. Excited to see how the CSDDD will be implemented and the how it will support a better working world! #CSDDD #CS3D #Sustainability #EU #FutureofBusiness

🌍 The European Union Passes CSDDD! 🎉 With 374 votes in favour in the European Parliament, the Corporate Sustainability Due Diligence Directive (#CSDDD) has officially been approved, marking a significant leap forward for business accountability on environmental and human rights issues. 🎢 The journey to this moment has been nothing short of a rollercoaster. After intense negotiations, and despite some setbacks, today's approval underscores a commitment to responsible business conduct. 🔍 Key Wins: 1️⃣ Recognition of living income as a human right. 2️⃣ Emphasis on responsible purchasing practices by companies. 3️⃣ Mechanisms to curb cut-and-run tactics. 4️⃣ Essential guidelines for meaningful stakeholder engagement. #CSDDD #CorporateAccountability #Sustainability #HumanRights #EuropeanParliament

Today, on 24 May 2024 the European Council formally endorsed the Corporate Sustainable Due Diligence Directive (𝗖𝗦𝗗𝗗𝗗).   The CSDDD establishes on the one hand a corporate due diligence duty and reporting obligations to ensure prevention of (potential) adverse impacts on human rights and the environment for in-scope companies on its operations, subsidiaries and supply chains. On the other hand, the CSDDD imposes the obligation to adopt and put into effect a transition plan for climate change mitigation which aims to ensure, through best efforts, that the business model and strategy of in-scope companies are compatible with the Paris Agreement.   Please be referred to our update on the CSDDD for more information: https://lawand.tax/3wKyccv   Would you like to have more information? Please contact one of our experts: Menno Baks, Bastiaan Kemp, Martijn Schoonewille, Marit Bosselaar, Rosalie Tielens, Marjolein Rekelhof, Sjoerd Pennink, Ahmet Ergun or Meyke Maanicus. #ESG #CSDDD #ESGlitigation #lawandtax

𝐓𝐡𝐞 𝐂𝐒𝐃𝐃𝐃; 𝐒𝐢𝐠𝐧𝐞𝐝, 𝐒𝐞𝐚𝐥𝐞𝐝, 𝐃𝐞𝐥𝐢𝐯𝐞𝐫𝐞𝐝  Today, on 24 May 2024 the European Council formally endorsed the Corporate Sustainable Due Diligence Directive (𝗖𝗦𝗗𝗗𝗗). The CSDDD establishes on the one hand a corporate due diligence duty and reporting obligations to ensure prevention of (potential) adverse impacts on human rights and the environment for in-scope companies on its operations, subsidiaries and supply chains. On the other hand, the CSDDD imposes the obligation to adopt and put into effect a transition plan for climate change mitigation which aims to ensure, through best efforts, that the business model and strategy of in-scope companies are compatible with the Paris Agreement. Please be referred to our update on the CSDDD for more information or contact me or one of my colleagues below: https://lawand.tax/3wKyccv #ESG #CSDDD #ESGlitigation #lawandtax

Our experience indicates that companies in scope were more in tune with demands of CSRD but that this has slipped beneath the radar of many. Can we help you evaluate your CSDDD responsiblities? We are here to assist you. #CSDDD #CSRD #Sustainability

The #CSDDD - Corporate Sustainability Due Diligence Directive, was published on 5 July 2024, and it enters into force today! Like the CSRD, the CSDDD is a Directive, which means that it must be transposed into the national laws of the EU Member States before 26 July 2026. The CSDDD imposes comprehensive obligations on companies within its scope to identify, assess, prevent, mitigate address, and remedy the impacts of their operations and value chains on people and the planet. From child labor to deforestation, businesses must identify, prevent, and fix their impact on people and the planet. This means tougher rules across the board, building on existing laws like Germany's LkSG and France's Duty of Vigilance. For a detailed understanding of CSDDD, read our blog here: https://bit.ly/3LRdaN5 #CSDDD #EURegulations #SustainabilityRegulations #ClimateRegulations