WebOn 11 June 2024 the Supply Chain Due Diligence Act (the “Act”) passed the German Federal Parliament, on 25 June 2024 it passed the German Federal Council. It will come into force … WebNov 10, 2024 · The Supply Chain Due Diligence Act was passed by the German Federal Parliament on 11 June 2024, after lengthy negotiations with the German Federal Council. Due to come into force on 1 January 2024, it is known as Lieferkettensorgfaltspflichtengesetz in German, or more commonly as the LkSG.
The Supply Chain Due Diligence Act – Part 2 Simmons & Simmons
WebApr 11, 2024 · For example, the German Supply Chain Due Diligence Act (or LkSG, an acronym for the act's German-language name) came into force on January 1, 2024. It obligates companies with 3,000 or more employees in Germany to take “appropriate measures” to respect human rights and the environment within their supply chains, “with … WebAug 29, 2024 · Conduct automated due diligence checks on all suppliers and build a risk management program with a third-party risk management solution. Fines for noncompliance can be as high as €8M ($8.96M USD), or up to 2% of a company’s annual global turnover if it surpasses €400M ($448M USD), depending on the level of infraction. tall linen cabinets with drawers
Germany: New Law Obligates Companies to Establish Due Diligence
WebApr 11, 2024 · For example, the German Supply Chain Due Diligence Act (or LkSG, an acronym for the act's German-language name) came into force on January 1, 2024. It … WebOn 11 June 2024 the Supply Chain Due Diligence Act (the “Act”) passed the German Federal Parliament, on 25 June 2024 it passed the German Federal Council. It will come into force on 1 January 2024 (applicable to German companies of at least 3,000 employees; as of 1 January 2024 of at least 1,000 employees). WebGerman Supply Chain Due Diligence Act Applicable to companies operating in Germany with more than 3,000 employees (as of 2024, lowering the threshold to 1,000). Business that are part of the supply chains of those companies (directly or in tier 2 or more in some industries) will likely be required to respond to their ESG disclosure requests. tall litter box furniture