GO TRACE - More Traceability, for Responsible Fashion’s Post

🚨 The CSRD, a key part of the European Green Deal, is facing growing opposition from European politicians, including those from France and Germany. They propose scaling back the directive or even imposing a moratorium (see articles below in french). In response, civil society organizations and leading companies like Decathlon and Patagonia are rallying to support the CSRD. They argue that robust sustainability reporting is essential, not a burden, for addressing environmental challenges. Weakening these regulations could penalize companies already investing in compliance. Any thoughts? 🤔 #Sustainability #CSRD #GreenDeal

😡 Today, we stand in disbelief and frustration as Europe turns its back on the urgent climate crisis and corporate responsibility. The rejection of the Corporate Sustainability Due Diligence Directive (CSDDD) reflects an unsustainable lightness against the environmental emergency we face. This decision undermines years of advocacy for stronger corporate vigilance in environmental and social responsibilities. At AJ, we strongly believe in the importance of holding companies accountable for their impact on the planet and society. The fight is not over. 😡 #CSDDD #Sustainability #CorporateResponsibility https://lnkd.in/gUBqKjaq

Fascinating to watch the political hubris around the implementation of the EU Corporate Sustainability Reporting Directive (CSRD). None other than newly minted French Prime Minister Michel Barnier has now entered the fray with his call for some kind of 'moratorium' around the effective dates of various CSRD requirements (below link). While this makes no sense from a procedural perspective (17 Member States have already missed the statutory deadline to transpose the CSRD into national law), it is another political indication (by no means the first) of the strong pushback against this existing EU law. EU institutions will now attempt to thread the needle and try to agree how to lighten the load for businesses while still delivering on the EU's green deal ambitions. Stay tuned! #csrd #sustainablefinance #eucompetitiveness #regulatorysimplification

🚨Duty of care now extended to the European Union 🇪🇺 Yesterday, 🇪🇺The European Union reached agreement on the #CS3D ("Corporate Sustainability Due Diligence") directive to impose a duty of vigilance at European level. As a reminder, in France, the duty of vigilance, was instituted by Law 2017-399 of 27 March 2017 on the duty of vigilance of parent companies and ordering companies (Article L. 225-102-4 of the Commercial Code) to prevent serious violations of human rights, fundamental freedoms, health and safety of persons and the environment. 👉The aim? To encourage responsible behaviour by #European or non-EU companies with a turnover in excess of €150 million and 500 employees, or even lower thresholds for #sectors such as #textile manufacturing, #agriculture, #mineral resources and #construction. 💪What should companies do? Carry out "due diligence" operations on their #chain of activity, in order to identify, prevent and remedy violations of #human and #environmental #rights. Companies will then have to incorporate this into a #code of #conduct and draw up an appropriate #vigilance plan, which must cover an audit of their value chain. ‼️⚠️ Any penalties for #non-compliance? Yes, #civil #responsibility with payment of #damages and interest, a "public #denunciation" and a #fine of up to 5% of worldwide net turnover. 🚨 It is now imperative that the companies concerned, or that could be concerned, get into gear to comply, especially as it is still planned that each Member State will have to designate a #control and #sanction authority. 👩⚖️👨⚖️‼️Failing that, there can be no doubt that the risk of #contentious #human rights violations due to their failure to comply with this #European #duty of care will not be an "eventuality", but will join those already latent. Next steps ➡️ the formal approval of the Legal Affairs Committee and Parliament as a whole, as well as the Council (EU governments) before it can enter into force. I will be sure keep you posted 😉

Noëlle Lenoir, a lawyer at Noëlle-Lenoir-Avocats, analyses the challenges of implementing Directive (EU) 2022/2464 of 14 December 2022, known as the CSRD. She emphasised what this means for companies in France notably: 1.      The CSRD directive will significantly transform corporate management by imposing broader reporting obligations, extending beyond financial performance to include societal responsibilities. This has been identified in the article to introduce risks, particularly reputational and legal tied to the accuracy and completeness of sustainability reports towards companies whose services providers cannot provide complete data and do not have the financial ability to engage the process. Hence, she recommended that larger companies support their suppliers in reporting, rather than severing business ties with them. 2.      It was mentioned that article 1833 on the “croissance et la transformation des entreprises (PACTE) n° 2019-486” of 22 May 2019 which replaces the previous non-financial performance declaration (DPEF) will provide a more detailed comprehensive data on climate, social rights, and governance. This shift she says will reflect a transformation in corporate reporting, blending financial and non-financial data to measure overall performance. 3.      Finally, the European Union is introducing the European Sustainability Reporting Standards (ESRS) to complement the International Financial Reporting Standards (IFRS). These standards aim to create a uniform framework for sustainability reporting across companies, especially for environmental, social, and governance (ESG) topics and make them easier to report. However, it was observed that these standards are not free of complexity and she hopes that a phase of constructing a new system of standards will be followed by simplifying the complexity. Read full article here; https://lnkd.in/d34G6Jz4 #csrd #rse #qhse Noëlle LENOIR #entreprisefrançais #advocate #compliance

I'm very proud to share with you all an article written in collaboration with Brice Javaux on preventing Greenwashing 🌳 : definition, regulatory requirements, financial impact and the role and responsibilities of an ESG governance structure. 🔎 Link 📑 : https://lnkd.in/dFN29fWH As the frequency of controversies involving European companies and featuring the hashtag #greenwashing increases 📈 - between 2020 and 2021, it will concern 32% of the STOXX 600 index - the spectrum of greenwashing responsibilities within companies is evolving. In the absence of a mastery of the ever-changing legislative and social framework, its risks are evolving, while new economic consequences are emerging, prompting CFOs 👩💼 to integrate it into their missions, to ensure convergence between environmental ethics and economic prosperity. A few key takeaways from the article:  🌿 - Derivatives of greenwashing have also emerged, such as socialwashing and bluewashing.  🌿 - At European and French level, increasingly stringent regulations such as the Corporate Sustainability Reporting Directive (CSRD), the reform of the SRI label, the new AGEC law (anti-waste and circular economy) and the ADEME guide against greenwashing in France embody this change, imposing rigorous assessment criteria for organizations' environmental commitments, in order to protect consumers against misleading practices and help them make better purchasing choices.  🌿 - As guardians of the company's financial integrity, finance departments are now called upon to play a leading role in preventing the real and proven financial risks associated with greenwashing. 🍁 - The challenge is enormous: companies must not only comply with an ever-changing regulatory framework, but also stay ahead of the growing sustainability expectations of the organization's stakeholders. The transparency and reliability of published information are becoming key vectors of trust and credibility. #greenwashing #ESG #KPMG #ESGcontrovercies #transparency #makethedifference #stopgreenwashing I hope you enjoy reading it!

🌍 EUDR Compliance Postponed: What Does This Mean for Business and the Environment? The European Parliament’s recent decision to delay EUDR compliance by 12 months brings both opportunities and responsibilities. While businesses have additional time to adapt, the potential environmental impact of the delay — an estimated 2,300 square kilometers of global forest loss — is a stark reminder of the stakes. This extra year is a chance for businesses to go beyond the basics of compliance, building resilient, traceable, and deforestation-free supply chains. Companies that take early, decisive action not only position themselves for smoother compliance but also demonstrate genuine commitment to sustainable practices that meet evolving regulatory and consumer expectations. In this article, I discuss how businesses can make the most of this extension to align with EUDR requirements and proactively address deforestation risks. Read the full article to see how this delay can be an opportunity for meaningful, long-term impact: https://lnkd.in/gFjxHS65

Tips (in French) to minimise #greenwashing (an occasion to test your favorite GAI translation skills when it comes to marketing?) https://lnkd.in/gYHsrm-v

🔵 I invite you to read and comment on the opinion piece that my partner @Monica Rico and I published today in Confilegal about the new #greenwashing directive. ➡️ Do you think it will help develop more sustainable business strategies within the #ESG framework? 🌱✍️ https://loom.ly/IMI4EMs #SustainabilityinAction #ESGSummitEurope2024

EUDR can sometimes be confusing or frusterating, especially for those who have to comply. Having a team that can look at the situation from multiple backgrounds and perspectives has brought a trendous amount of clarity and pragmatism to the topic. I am very excited to continue working on helping clients navigate EUDR compliance with Fiorella Sanchez Monge & Ward Minnaert! #OneKPMG #KPMGBelgium