New update: Helping companies monitor the rapidly evolving supply chain due diligence legislative agenda
Designed to support responsible sourcing, human rights, procurement and supply chain professionals who need to keep up with the rapidly evolving legislative landscape of human rights and environmental due diligence legislation, AIM-Progress is pleased to announce the release of the Autumn 2024 edition of our semi-annual update on global human rights and corporate responsibility legislation. As always, this has been prepared by our partner law firm Ropes & Gray.
The pace of new legislation on corporate accountability for human rights and the environment is ever-increasing and this edition spotlights, summarises and compares existing and new initiatives, including:
- Australian Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024, Schedule 4 (Sustainability Reporting): The Act requires covered entities to report scope 1, 2 and 3 GHG emissions as part of their annual financial reports. The Act
received Royal Assent on September 17, 2024 and took effect on September 18, 2024. Initial disclosure requirements will apply from financial years starting on or after January 1, 2025, subject to certain transitional and phase‐in periods. - California Social Compliance Audits Act: Employers in California who have voluntarily subjected their business to a social compliance audit must prepare a public report detailing the findings from the social compliance audit. The Act was signed into law on September 22,
2024. - Amendment of the Swiss Code of Obligations (Transparency on Sustainability Aspects): The proposed Amendment would expand sustainability reporting requirements to more closely align with the EU Corporate Sustainability Reporting Directive and European Sustainability Reporting Standards. On June 26, 2024, the Swiss Federal Council published a preliminary draft of the Amendment and opened up a consultation period on the proposal. The consultation period is open until October 17, 2024. If the Amendment is adopted,
companies would be granted a two‐year transition period from the date of entry into force to begin complying with the reporting requirements. - French Greenhouse Gas Emissions Report and Climate Plan: Private law companies employing over 500 persons in France must publish a greenhouse gas emissions report and create and publish a transition plan to reduce greenhouse gas emissions. Subject companies
must update their greenhouse gas emissions report and transition plan every four years.
There have also been numerous developments regarding legislation already reported previously, including the EU Corporate Sustainability Due Diligence Directive which entered into force on 25 July 2024 and will have to be transposed into national law by July 2026; the EU Deforestation Regulation whose implementation has been delayed by a year; the U.S. Uyghur Forced Labor Prevention Act to which 26 China‐based entities have been added; and many more….
Download latest legislative overview (Autumn 2024)