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The European Commission extends legal obligations in relation to corporate accountability

News Archive

The European Parliament has passed a bill on Corporate Social Responsibility that came out of a report by the Corporate Responsibility (CORE) Coalition which criticised the voluntary approach to CSR and that "new laws are needed to ensure that all business operates fairly under strong environmental and social law, business cannot regulate itself."

The Commission passed a resolution to:

  • Extend the responsibility of directors of companies with more than 1 000 employees to encompass the duty for the directors themselves to minimise any harmful social and environmental impact of companies' activities;
  • Bring forward a proposal for social and environmental reporting to be included alongside financial reporting requirements;
  • Implement a mechanism by which victims, including third-country nationals, can seek redress against European companies in the national courts of the Member States;
You can read the report here.