On 22 May 2019, the UK Government presented to Parliament its final Report following the conclusion of the Independent Review of the Modern Slavery Act 2015 (the “Act”). The Independent Review was launched in July 2018 by Frank Field MP, Maria Miller MP and Baroness Butler-Sloss. The Review focused on the following four areas relevant
London Metal Exchange launches consultation on new responsible sourcing standards for all traded metals
On 23 April, the London Metal Exchange (LME) launched a formal market-wide consultation on the introduction of responsible sourcing standards for all traded metals.
Under the new rules, all LME listed brands will be required to undertake a phased approach, starting with a Red Flag Assessment based on the OECD Guidelines for Multinational Enterprises by
EU Parliament approves new EU-wide rules to protect whistleblowers
On 17 April, the European Parliament adopted new rules to protect whistleblowers.
The rules are designed to encourage the reporting of breaches of EU law by offering to whistleblowers EU-wide protection from dismissal, demotion and other forms of retaliation in areas including public procurement, financial services, money laundering, product and transport safety, nuclear safety, public
UK Supreme Court clarifies issues on parent company liability in Lungowe v Vedanta
Summary
This landmark judgment from the UK Supreme Court means that the claim brought by 1,826 Zambian villagers against UK-based Vedanta and its Zambian subsidiary KCM can proceed to a trial of the substantive issues in the English courts. One of the issues that now falls to be examined is the controversial question of whether
Review of the UK Bribery Act 2010 – House of Lords Committee publishes Post-Legislative Scrutiny Report
Earlier this month, the House of Lords Select Committee (the Committee) on the Bribery Act 2010 published its Post-Legislative Scrutiny Report.
The Report provides a useful summary of prosecutions under the Bribery Act and the debate surrounding “adequate” and “reasonable” procedures, and offers insight into the limited extent to which Suspicious
EU Parliament Working Group presents its Shadow EU Action Plan on the Implementation of the UN Guiding Principles on Business and Human Rights within the EU
On 19 March 2019, the European Parliament Working Group on Responsible Business Conduct (RBC Group) announced the contents of its Shadow EU Action Plan on Responsible Business Conduct (the Plan). The Plan sets out the RBC Group’s priorities to ensure the promotion and protection of human rights in the EU business sector over the next
BlackRock’s CEO emphasizes social impact for a second year in a row in his 2019 letter to investee companies
Earlier this year BlackRock’s Chairman and CEO Larry Fink published his annual letter to the asset management firm’s investee companies. For the second year in a row Fink has focused on social impact. At the beginning of the letter he addresses the importance of practices that “will drive sustainable, long-term growth and profitability”.
UK Government to develop a code of practice to tackle sexual harassment in the workplace
In December 2018, the UK Government announced that it will introduce a new statutory code of practice to tackle workplace sexual harassment following a July 2018 report from the House of Commons’ Women and Equalities Select Committee (the Committee).
The Committee’s report called on the Government to:
- Prioritise sexual harassment: The report calls on
UK Government confirms that public beneficial ownership registers will be established in the British Overseas Territories by 2023
On 28 January 2019, the UK Government (the Government) explained the timetable to the new 2023 deadline for the creation of public beneficial ownership registers in the British Overseas Territories (BOTs). The Government has explained that draft legislation will be prepared by the end of 2020, as required by the Sanctions and Anti-Money Laundering Act
Forbes and Just Capital rank America’s largest publicly traded companies based on the ethical priorities of 81,000 Americans
890 of America’s largest publicly-traded companies have recently been ranked based on priorities gathered from polling 81,000 Americans. The poll, coordinated by Just Capital, asked participants what they most wanted to see from the nation’s biggest businesses. The most popular responses were that participants wanted companies to:
- pay workers fairly;
- treat customers well and protect