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8.11.2022 | 11.00 AM
As of January 1, 2023, a new German law will come into force, requiring entities operating in Germany to analyze the risk of human rights violations and environmental hazards in the supply chain of goods and services they use in the course of their business.
Webinar was held in English.
The new law will apply to businesses with more than 3,000 employees (and more than 1,000 employees as of January 1, 2024). Any German business that meets the employment size requirement will be held accountable for whether it has verified its suppliers (including foreign ones) for compliance with the above regulations. Failure to verify a contractor could mean a multimillion fine for the German entity, and for suppliers not meeting the requirements in this regard, the risk of termination of cooperation.
In addition, steps toward mandatory due diligence and transparency in respecting human rights are also being taken by the European Parliament. The new EU directive will require companies to implement due diligence in order to identify violations in the adopted value chain, such as activities that are alleged to violate human rights or environmental regulations. The introduction of the EU law in question is intended to enable victims to pursue claims for damages caused by a company more easily by suing under EU law.
The webinar covered the following issues:
1. The main principles of the German due diligence law:
2. Preparation for the upcoming changes:
what will be the consequences of a failure to undertake due diligence;
3. Entities affected by the new EU regulation
4. Enforcement of the directive’s provisions
Managers in the excise-energy-environmental team. On a day-to-day basis, they are mainly responsible for projects related to the implementation of environmental and sustainability obligations, i.a. environmental reviews, reporting, ongoing support for the Clients, as well as advisory projects on upcoming changes in the legal environment.