Germany to Fine Companies With Suppliers That Engage in Harmful Practices
Germany's new Supply Chain Law, which took effect Jan. 1, will allow the country to fine companies if they fail to ensure that their suppliers don't engage in human rights violations and harmful economic practices Bloomberg reported Jan. 5. The…
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law applies to companies with at least 3,000 employees, though that number will be lowered to 1,000 in 2024. The law requires firms to implement a strict risk management and analysis and documentation system to ensure minimum standards in human and environmental rights at both the domestic and international level.