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6 Feb 2024

Finnish Business and Society (FIBS)

FIBS statement on the Corporate Sustainability Due Diligence Directive

The news about the threat of the collapse of the Corporate Sustainability Due Diligence Directive (CSDDD), which has been prepared for years, got our attention and is widely discussed in the business field as well. In the negotiations, Finland has succeeded in contributing to the corporate sustainability directive in such a way that numerous details pushed by Finland are included in the final directive proposal. At FIBS, we believe that Finland should stand up for the directive actively, and try to find a suitable way to introduce the directive into our national legislation.

The message we have received from the Finnish business community about the strengthening of corporate sustainability regulation has been positive. When implemented, the directive will benefit companies in many ways, especially because Finland lacks national legislation on corporate sustainability issues. Many Finnish companies have already invested in preparation and plans have been made according to the fact that the directive will enter into force and will be in national legislation from around 2026. The collapse of the EU-level directive would also cause discussions about national-level legislation to likely resurface. A patchwork of national due diligence laws in Europe would be a significantly worse and less efficient option for companies than the current directive.

The future directive would harmonize the actions of companies throughout the EU, which would help companies better allocate the resources used for responsibility work and also increase the effectiveness of their sustainability work. The directive also has a strong link to the competitiveness of Finnish companies, as irresponsible companies would no longer get an undeserved competitive advantage at the expense of responsible companies...