On 24 May 2024, the European Council officially approved the Corporate Sustainability Due Diligence Directive (CSDDD), making large companies responsible for environmental and human rights issues in their value chains. Companies must investigate and report on any abuses, with EU countries providing detailed information on their obligations. Sanctions for non-compliance include public reprimands, fines up to 5% of global turnover, and liability for damages. The directive will be phased in based on company size, with member states given two years to implement the rules.
Source Taxence
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