Despite some resistance, the EU Parliament finally approved the new EU supply chain law in Strasbourg on Wednesday. It is intended to hold large companies liable if they benefit from child or forced labor outside the EU.
The Austrian parliamentarians were very critical of the new law in advance. After Parliament, the Council (of the Member States) must ultimately give its approval.
EU countries were only able to agree on a common compromise in March after several attempts – despite resistance from some countries, including Austria. However, the scope is considerably limited.
While the agreement between the EU countries and the EU Parliament stated that the directive should apply to companies with 500 employees and a turnover of EUR 150 million, it should now only apply to companies with 1,000 employees and a turnover of 450 million euros.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
