abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb

Diese Seite ist nicht auf Deutsch verfügbar und wird angezeigt auf English

Artikel

22 Nov 2023

Autor:
Sophie Robinson-Tillett, IPE

EU: Member states split over inclusion of finance sector

"Concerns grow over fate of EU sustainability due diligence law"

[...] Countries split over role of finance

One of the biggest battlegrounds for the CSDDD is proving to be the inclusion of the finance sector.

Over recent weeks, a split has emerged in the European Council between member states that want the entire finance sector covered by the law (The Netherlands, Finland and Denmark); those who only want banks and insurers covered (Germany, Italy and Ireland); and those that want finance exempt (France, Czech Republic, Bulgaria, and a number of others).

Germany and its allies argue that due diligence is reasonable when institutions sign contracts with companies, like lenders and insurers, but this is not the case for portfolio managers, whose relationships are more fluid and indirect.

Denmark is pushing for the inclusion of finance because it already has a national due diligence law, so an EU equivalent could reduce competitive disadvantages.

But France, which has been unflinching in its determination to have finance removed from the EU proposals, also has a national due diligence law. Introduced in 2017, the French Vigilance Law covers financial institutions.

Insiders say the country’s push to omit finance from CSDDD is being driven by its banking sector.

“One diplomat described this as a trialogue not just between the Commission, the Council and the Parliament,” said Julia Otten, a senior policy officer at purpose-driven law firm Frank Bold. “But one where the finance sector is clearly sitting at the table, too – mainly French banks.” [...]

There have been some supportive voices on the inclusion of finance. [...]

Zeitleiste

Informationen zum Datenschutz

Diese Website verwendet Cookies und andere Web-Speichertechnologien. Sie können Ihre Datenschutzeinstellungen unten festlegen. Die Änderungen werden sofort wirksam.

Weitere Informationen über unsere Nutzung von Webspeicherung finden Sie in unserer Richtlinie zur Datennutzung und Cookies

Strictly necessary storage

ON
OFF

Necessary storage enables core site functionality. This site cannot function without it, so it can only be disabled by changing settings in your browser.

Analytics-Cookie

ON
OFF

When you access our website we use Google Analytics to collect information on your visit. Accepting this cookie will allow us to understand more details about your journey, and improve how we surface information. All analytics information is anonymous and we do not use it to identify you. Google provides a Google Analytics opt-out add on for all popular browsers.

Promotional cookies

ON
OFF

We share news and updates on business and human rights through third party platforms, including social media and search engines. These cookies help us to understand the performance of these promotions.

Ihre Privatsphäre-Einstellungen für diese Website

Diese Website verwendet Cookies und andere Web-Speichertechnologien, um Ihre Erfahrung über die notwendigen Kernfunktionen hinaus zu verbessern.