The European Commission will unveil on Wednesday a proposal to make large companies operating in the European Union check that their suppliers from around the world do not use slave or child labour and that they respect environmental standards, a draft of the law showed.
The proposal, called Corporate Sustainability Due Diligence, will also oblige boards of EU firms to ensure that their business model and strategy align with limiting global warming to 1.5 Celsius, as agreed under the Paris climate treaty.
The proposal estimates it would apply to 13,000 EU firms. The main criterion would be that a firm employs more than 500 people and has net turnover of more than 150 million euros. Compliance with these goals would be monitored by EU governments. Companies ignoring them would face fines.
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