EU regulatory developments on human rights: Implications for Australian businesses
The Australian Anti-Slavery Commissioner and Norton Rose Fulbright Australia have partnered to produce a new briefing on the evolving European Union (EU) human rights regulations and what they mean for Australian businesses.
The brief explains three key developments - the Corporate Sustainability Due Diligence Directive (CSDDD), Corporate Sustainability Reporting Directive (CSRD), and the Forced Labour Regulation (FLR). The brief highlights how Australian businesses may be impacted by these new regulations, either directly through their operations in the EU, or indirectly as customers, suppliers, or business partners of EU companies.
The EU's evolving regulatory framework marks an important shift in the regulation of business conduct relating to human rights risk management, in line with international trends and responsible business conduct standards. These EU developments, alongside similar developments in other jurisdictions, may also drive momentum for similar reforms in Australia and overseas, and highlight the need for harmonised approaches. The brief notes that Australian businesses that are developing and implementing human rights due diligence processes will be well placed to respond to regulatory and stakeholder expectations flowing from these developments.