(Thursday 1st December) Today, the EU Council reached an agreement on a position around its Corporate Sustainability Due Diligence Directive (CSDDD).
Commenting on the EU Council of Ministers’ decision today to adopt the legislation with the voluntary application to financial institutions to address their impacts on the environment and human rights, Isabella Ritter, ShareAction’s EU Policy Officer, said:
“This is an extremely disappointing decision. A voluntary approach will not bring the changes we urgently need nor create a level-playing field between EU Member States.
“The proposed changes do not harness the huge potential the financial sector has in influencing other businesses, upholding human rights, and respecting the environment.
“The EU Ministers have not listened to the calls of responsible investors to be included in the legislation. Investors want to know what is happening with their money and if it is contributing to harmful activities.”
"The Ministers have also watered-down other aspects of the initial proposal, such the sustainability linked remuneration and the rules on directors duties.”