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OPINION (COM(2022)0071 – C90050/2022 – 2022/0051(COD))

On the proposal for a directive of the European Parliament and of the Council on Corporate Sustainability Due Diligence and amending Directive (EU) 2019/1937

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Committee on Economic and Monetary Affairs · Rapporteur: René Repasi

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The Committee on Economic and Monetary Affairs proposes amendments to the proposed directive on Corporate Sustainability Due Diligence. It wants due diligence embedded in company policies and management systems, a risk-based approach to identifying and prioritising impacts, and rules for institutional investors and asset managers. It seeks to delete the concept of 'established business relationship', extend the value chain definition, and add new definitions including investee company, institutional investor, asset manager and leverage. It calls for harmonised administrative sanctions, public listing of all undertakings subject to the directive, and a public database of high-risk areas. It proposes resilience stress tests for companies, stakeholder consultation at all stages of due diligence, and guidance on model contractual clauses and competition law.

Committee position. The committee proposes amendments to the proposed directive, including embedding due diligence in management systems, a risk-based approach, new definitions for financial actors, deletion of 'established business relationship', harmonised sanctions, public databases, resilience stress tests, and guidelines on competition law and model contractual clauses.

Key points

  1. The committee calls on the Committee on Legal Affairs to take into account its amendments to the proposed directive on Corporate Sustainability Due Diligence.
  2. It proposes that companies embed due diligence into all corporate policies and management systems, and that the due diligence policy be updated and published annually and publicly accessible through the European Single Access Point for at least 30 years.
  3. It wants companies to identify and assess actual and potential adverse impacts using a risk-based approach, map their value chain and publicly disclose relevant information on subsidiaries and business relationships.
  4. It proposes that where not all impacts can be addressed at once, companies prioritise according to severity and likelihood, taking into account the nature and context of their operations.
  5. It seeks to delete the concept of 'established business relationship' and the requirement to reassess it every 12 months.
  6. It proposes new definitions for 'investee company', 'institutional investor', 'asset manager' and 'leverage'.
  7. It wants institutional investors and asset managers to take appropriate measures, including engaging with investee companies and exercising voting rights, to induce them to bring actual adverse impacts to an end or minimise their extent.
  8. It proposes that companies establish or participate in effective complaint mechanisms, which can be provided through collaborative arrangements, industry schemes or multi-stakeholder grievance mechanisms.
  9. It calls for harmonised administrative sanctions, made public, and for the Commission to lay down the rules on sanctions.
  10. It wants the Authority to set up a public database listing all undertakings subject to the directive and a public database of high-risk areas.
  11. It proposes that the Commission develop and coordinate bi-annual resilience stress tests for companies to map and assess value chain risks.
  12. It calls for the Commission to issue guidelines, including on competition law and collective leverage, and to adopt guidance on model contractual clauses no later than one year after entry into force.

Who is affected

  • Companies in scope of the directive, which would have to embed due diligence, map their value chain and prioritise impacts.
  • Institutional investors and asset managers, which would have to engage with investee companies and exercise voting rights.
  • Small and medium-sized enterprises (SMEs), which would receive support and be excluded from the value chain of regulated financial undertakings.
  • Member States, which would have to provide information and support to stakeholders and may decide not to provide state support to non-compliant companies.

Figures and deadlines

  • Due diligence policies should be publicly accessible through the European Single Access Point for at least 30 years.
  • The Commission shall adopt guidance on model contractual clauses no later than one year after the entry into force of this Directive.
  • The guidelines shall be made available no later than 18 months after the date of entry into force of this Directive.
  • The Commission shall be empowered to adopt a delegated act to specify information required from companies by October 2024.
  • The Commission shall submit a report on the implementation of this Directive no later than 7 years after the date of entry into force.