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Financial institutions are absent from a proposed European Union sustainability disclosure law that will hold businesses accountable for their corporate governance and company operations tied to their supply chains, Bloomberg reported Monday.
Spain, who currently holds the EU’s rotating presidency, proposed banks be excluded from the Corporate Sustainability Due Diligence Directive, which would create civil liabilities for companies for failing to appropriately identify, mitigate, account for and prevent detrimental human rights and environmental impacts within their business operations.
The rule will apply to non-EU companies that reach certain revenue and employee benchmarks, but is still pending approval from other member states and lawmakers. U.S. Treasury Secretary Janet Yellen expressed concerns earlier this year about the regulation posing unintended consequences for U.S. companies.
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