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Article

19 Feb 2021

Author:
Ministry of Economic Affairs and Employment, Finland

Finland: Govt. publishes study on possible regulatory options for proposed due diligence legislation

"Judicial analysis specifies the planned corporate social responsibility act in Finland", 30 June 2020

The analysis outlines the nature of the due diligence obligations that could be imposed on companies within a legislative framework in Finland. Due diligence refers to the obligation of a company to operate in a way that prevents the realisation of a human rights or environmental risk.

The legal analysis was prepared by Ernst & Young Oy on a commission by the Ministry of Economic Affairs and Employment. It explores possible regulatory options, their scope of application, supervision and sanctions under corporate social responsibility legislation. An analysis of corporate social responsibility regulation in the European Union and some other countries provides a backdrop for the report...

...According to the analysis, business operations are already subject to various due diligence obligations, which require companies to assess and prevent risks associated with their operations. It would be possible to impose a duty of due diligence on companies regarding the environment and human rights within the framework of the national legal system. However, there are a number of issues, which are well analysed in the report, that need to be considered in the legislation...

...The Ministry of Economic Affairs and Employment will organise a consultation round on the content of the report, which will be open to all. The deadline for comments will be 30 September, after which the Ministry will review the comments received. Further preparation will be decided separately...

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