Publication
UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Global | Publication | March 24, 2017
Welcome to Essential Corporate News, our weekly news service covering the latest developments in the UK corporate world.
On March 20, 2017 the Reporting on Payment Practices and Performance Regulations 2017 and the Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 were published.
The Regulations are in substantially the same form as the drafts published in February 2017 and will come into force on April 6, 2017. Subject to certain exceptions, the duty to report will apply in relation to financial years beginning on or after April 6, 2017.
(The Reporting on Payment Practices and Performance Regulations 2017 (2017 no 395), 20.03.17)
The Corporate Human Rights Benchmark for 2017 has been published. The Benchmark assesses 98 of the largest publicly traded companies in the world on the implementation of the UN Guiding Principles on Business and Human Rights and other internationally recognised human rights and industry standards. The companies assessed are all from high-risk industries – agricultural products, apparel and extractives.
The Benchmark examines companies’ policies, governance, processes, practices, and transparency, as well as how they respond to serious allegations of human rights abuse. This is done by scoring the companies on 100 indicators across six measurement themes. The analysis found that a small number of companies (including BHP Billiton, Marks & Spencer Group, Rio Tinto, Nestle, Adidas and Unilever) emerged as leaders scoring between 55-69 per cent, but the results skewed significantly to the lower bands. A clear majority, 63 out of 98 companies, scored below 30 per cent.
The Benchmark’s creators hope that investors will use its results in their analysis of companies and investment decision making, including the identification of key human rights risks to discuss with management. The Benchmark creators also believe that the ranking paves the way for governments to use a mix of regulation and incentives to enhance transparency and minimum standards of corporate behaviour to make the business case for the respect of human rights.
(CHRB, Corporate Human Rights Benchmark - Key Findings 2017, 16.03.17)
On March 20, 2017 the Business, Energy and Industrial Strategy Committee (BEIS Committee) announced that it is launching an inquiry into scale-up companies and will look at the progress that has been made in overcoming barriers to scale-ups and how potential high-growth small businesses throughout the UK can be better identified and encouraged to grow. “Scale-up” companies are generally rapidly expanding companies and are usually defined as being enterprises with average annualised growth in employees (or in turnover) greater than 20 per cent a year over a three-year period, and with 10 or more employees at the beginning of the observation period.
The BEIS Committee is seeking evidence on the following points:
The BEIS Committee is inviting written submissions on these issues by May 3, 2017 and is expecting to hold its evidence sessions for this inquiry in May and June 2017.
(BEIS Committee, Business scale-up inquiry launched, 20.03.17)
On March 21, 2017 the European Commission published a consultation on the operation of the European Supervisory Authorities (ESAs), including the European Securities and Markets Authority (ESMA).
The European Commission is seeking views on the following:
The European Commission has requested comments on the consultation by May 16, 2017.
Publication
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Publication
International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
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