EU Trade Commissioner Hogan commits to closely collaborating with Justice Commissioner Reynders on due diligence legislation
'Introductory Remarks by Commissioner Phil Hogan at OECD Global Forum on Responsible Business Conduct'
[W]e realise more than ever in the present crisis that it is important for businesses to integrate the interests of our workers, our society, and our planet into their operations...
[R]ebuilding the economy in an even more sustainable way is not just a plus, it is a necessity...
...I will be working hard with my fellow Commissioners in the coming months to drive different initiatives in the context of the post-coronavirus recovery.
While they have their origin in different policy areas, ...they share a common view that due diligence can be part of the solution for our businesses.
Companies with due diligence policies in place are likely to build more long-term value and resilience – improving their prospects for recovery.
Commissioner Reynders is leading the work on examining options for regulating due diligence, both in companies’ own operations and through their supply chains. He presented the outcome of a due diligence study in the European Parliament a few weeks ago.
His preference is for a mandatory, horizontal due diligence legislation with possible sectoral guidelines. He indicated that subject to the results of consultations with stakeholders, the Commission would table legislative proposals in 2021 and I will work closely with him on this, given the strong trade dimension involved...
The European Union stands ready to maintain its role of global leadership and build stronger partnerships around the world...