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NSRGY - Nestle SA News Story

$120.89 0.8  0.7%

Last Trade - 14/05/21

Sector
Consumer Defensives
Size
Large Cap
Market Cap £241.34bn
Enterprise Value £266.65bn
Revenue £66.40bn
Position in Universe 24th / 6846

BREAKINGVIEWS-EU’s new supply-chain stick delivers fair whack

Fri 16th April, 2021 9:08am
(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.) By Dasha Afanasieva LONDON, April 16 (Reuters Breakingviews) - Germany and others plan to make firms liable for human rights and environmental abuses by suppliers. The financial gains derived from outsourcing justify the legal stretch. Scandal-wary giants like Nestlé already self-police their sourcing. Hefty fines are an added incentive. Full view will be published shortly. On Twitter https://twitter.com/dasha_reuters CONTEXT NEWS - The European Parliament in March called for the urgent adoption of a binding EU law that holds companies accountable and liable for human rights, environmental and good governance abuses in their supply chains. The European Commission vowed to present a legislative proposal before the summer, considering the Parliament report. - Germany approved legislation in March which obliges German companies to carry out due diligence regarding human rights and environmental issues in supply chains globally. - According to the law, a fine of up to 2% of worldwide turnover would be possible in certain cases if annual turnover exceeds 400 million euros. From 2023, only companies with more than 3,000 employees in Germany will be affected. From 2024, this would broaden to companies with more than 1,000 employees. - For previous columns by the author, Reuters customers can click on AFANA/ <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ German employers cry foul as Merkel's cabinet passes supply chain act urn:newsml:reuters.com:*:nL5N2L1394 European Parliament statement https://www.europarl.europa.eu/news/en/press-room/20210304IPR99216/meps-companies-must-no-longer-cause-harm-to-people-and-planet-with-impunity BREAKINGVIEWS-Fashion’s supply ignorance is no longer bliss urn:newsml:reuters.com:*:nL8N2L92RF ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS http://bit.ly/BVsubscribe | Editing by Ed Cropley and Oliver Taslic) ((dasha.afanasieva@thomsonreuters.com; Reuters Messaging: dasha.afanasieva.thomsonreuters.com@reuters.net))
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