The EU has politically agreed on the adoption of the Corporate Sustainability Reporting Directive, and will likely adopt it before the end of 2022. The CSRD will overhaul the current sustainability reporting landscape for all multinational companies with significant activities in the EU, including those headquartered outside the EU. The reporting obligations of the CSRD will progressively come into force between 2024 and 2028.
The UK Supreme Court has handed down its long-awaited judgment in relation to the case of BTI 2014 LLC (Appellant) v. Sequana SA and others (Respondents) [2022] UKSC 25, concerning the duty of directors of a company registered under the Companies Act 2006 to consider (and act in accordance with) the interests of the company’s creditors.
In June 2020, the modernized Swiss company law (grosse Aktienrechtsrevision) was adopted after years of parliamentary discussion. The revision includes updated rules with respect to management compensation for listed companies. Furthermore, the Swiss Confederation adopted new rules on the disclosure of non-financial matters as well as minerals and metals from conflict areas and child labor.
The implementation of the Polish Hydrogen Strategy, adopted by the Polish government in November 2021, naturally requires a number of legislative actions aimed at the creation of a stable regulatory environment. This should remove barriers to the development of the hydrogen market and encourage a gradual increase in investments in this sector.
On 28 September 2022, the European Commission published its proposals for a new directive to replace the EU Product Liability Directive (85/374/EEC) (PLD). The new PLD was announced alongside a separate proposal for a directive on adapting non-contractual civil liability rules to artificial intelligence that seeks to address challenges faced by victims of AI-related damage to make claims and receive compensation, and will interact with member states’ fault-based liability regimes (AI Liability Directive). The AI Liability Directive is not intended to overlap with the PLD.
Baker McKenzie’s Sanctions Blog published the alert titled Canada Introduces Additional Sanctions with respect to Russia and Ukraine on 4 October 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled OFAC and BIS Designate Additional Russian Parties, Signal Readiness to Act Against Third-Country Entities Assisting Russia and Belarus on 5 October 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled UK confirms further sanctions against Russia on 6 October 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled EU adopts further sanctions against Russia on 7 October 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 14 September 2022, the EU Commission published its proposal for a regulation introducing a ban on the placing and making available on the EU market or export from the EU market of products made using forced labor. Following on from Commission President von der Leyen’s announcement of the proposed ban in her State of the Union Address last year, under the proposed regulation, products found to have been made using forced labor cannot be sold in, exported from or imported into the EU.