What are the latest developments from the European Commission on Sustainable Corporate Governance?
An update for the Interdependence Coalition & announcement of our next webinar on 31 January 2022.
Dear Friends and Stakeholders in a New Economy,
Thank you all for your interest in the work of the Interdependence Coalition. Triggered by the European Parliament, this is a moment for the European continent to show global leadership by adopting a more progressive form of governance based on the interests of all stakeholders, not just those of shareholders.
📢 A quick recap on the Interdependence Coalition
We are building a collective voice of businesses, thought leaders, academics, lawyers, network organisations, standards bodies, economic systems change organisations. Together we advocate that regulation is introduced that ensures that businesses move to a mandatory stakeholder governance model – and especially for an introduction of an obligation on the management boards of companies to consider stakeholders in their decisions.
📃 The story so far
The EU Commission consulted on the remit and scope of sustainable corporate governance regulations in February 2021. It was envisioned that the duty of care of management boards will be redefined and the due diligence considerations of a company on its suppliers will be expanded. Over half a million responses were received and the consultation results were overwhelmingly in favour of stakeholder corporate governance (78% of respondents). A summary of these responses can be found here.
🕓 The waiting game
The Commission was expected to adopt a proposal in June 2021 but we are still waiting… it has now been delayed for the third time and so far no revised date or explanation has been announced. One of the latest information sources we have is a short speech by the lead Commissioner for this directive, Didier Reynders, DG JUST.
💻 Join our webinar!
As coordinators of the Interdependence Coalition, we would therefore like to invite you to a webinar on 31st January 2022 at 2 pm CET to take stock on where things stand.
We will also propose a campaign strategy to ensure we do not miss this window of opportunity to change the rules of the game for business across Europe. At this webinar we will have assets to share with you for your use.
You may be one of the over +100 supporters of the Interdependence Coalition, contributed to our response to the consultation expressed an interest in this agenda, attended or been a guest at any of our many events and our Coffee in Good Company Conversations, or attended earlier webinars held in conjunction with The Good Lobby. For all your enthusiasm, collaboration and support for our end goal – to make business work better for all – thank you!
If you have not joined the Coalition and would like to, or just want to stay updated with our latest news, please sign up here.
Looking forward to working together to achieve this goal in 2022!
Katie Hill & Wojciech Baginski
B Lab Europe