The fate of the Corporate Responsibility Directive remains uncertain after it was removed from the ambassadors’ meeting list. The matter was supposed to be decided at the meeting of the Council representing the EU countries, but the issue was postponed without a new time being known. Belgium, acting as the presidency, removed the matter from the meeting list because there was a threat that the directive would not pass.
Germany and Finland have already announced their opposition to the passage of the directive, with Italy also opposing it according to sources from Bloomberg. The passage of the directive requires the approval of the European Parliament. Finland’s stance on the directive has caused controversy, with many parties surprised by its negative position. However, Finland has maintained that its concerns are about class action and evidence presentation requirements.
Meanwhile, many in industry support this directive, including FIBS – a network that advocates for corporate responsibility. The business sector is largely behind this initiative and believes it will help improve transparency and accountability in companies across Europe. Despite some disagreements over specific issues raised by Finland’s government, there is overall agreement among stakeholders that this directive is an important step towards promoting corporate social responsibility in Europe.