đź“°It's out: the @ec.europa.eu has announced its #Omnibus proposal
And it's BAD🚨
If adopted as it stands, Omnibus would deliver a devastating blow to the EU’s commitments to climate neutrality & its pledge to uphold human rights on the global stage
https://corporatejustice.org/news/press-release-eu-commissions-omnibus-proposal-is-full-scale-deregulation-designed-to-dismantle-corporate-accountability/
And it's BAD🚨
If adopted as it stands, Omnibus would deliver a devastating blow to the EU’s commitments to climate neutrality & its pledge to uphold human rights on the global stage
https://corporatejustice.org/news/press-release-eu-commissions-omnibus-proposal-is-full-scale-deregulation-designed-to-dismantle-corporate-accountability/
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▶️Is due diligence too costly for companies?
Reality check: Companies under the #CSDDD are highly profitable.
Their average annual profits was €695M in 2023 - of which €478M was paid out to its shareholders through dividends and/or share buybacks
The financial cost of complying with the #CSDDD – as estimated by the European Commission – would represent only 0.13% of the average shareholder payouts made in 2023.
Source: https://www.somo.nl/csddd-companies-cry-burden-while-paying-out-billions-to-shareholders/
A betrayal to those who the CSDDD aimed to protect
The message by the Commission: time to turn a blind eye to forced labour, land grabs & envi devastation—leaving victims powerless while corporations walk free
https://corporatejustice.org/news/press-release-eu-commissions-omnibus-proposal-is-full-scale-deregulation-designed-to-dismantle-corporate-accountability/
But it's towards the bottom of supply chains were most #HumanRights & envi abuses widely happen
#NoToOmnibus