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Spotlight on regulators: Legal accelerators and barriers for uptake of sustainability and key recommendations

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Spotlight on regulators: Legal accelerators and barriers for uptake of sustainability and key recommendations

  1. 1. Dr. Döne Yalçın Keynote Address: Spotlight on the regulators: Legal accelerators and barriers for uptake of sustainability and key recommendations.
  2. 2. INTRODUCTION "If you make 10,000 regulations you destroy all respect for the law." Winston Churchill "Law is not merely a set of old theoretical rules based on reason and logic, but changes according to the needs of time and place." Mustafa Kemal Atatürk "Society cannot exist without law. Law is the bond of society: that which makes it, that which preserves it and keeps it together. It is, in fact, the essence of civil society." Joseph P. Bradleym
  3. 3. Is there an ambivalent relationship between regulation and deregulation? How much regulation is necessary and how much of it stands in the way of progress and innovation?
  4. 4. Example for an important piece of regulation: EU Corporate Sustainability Due Diligence Directive (CSDDD) − Aims to harmonize law in EU − To be transposed into national law − Extraterritorial effect − Emphasizes responsibilities of directors − Turnover-based pecuniary sanctions − Decisions of supervisory authorities on sanctions to be published (naming and shaming) − Calls for civil liability, but does not regulate burden of proof
  5. 5. Undertakings formed in accordance with the law of a Member State which, during the last financial year had ❑ on average > 500 employees & worldwide turnover >EUR 150m; or ❑ on average > 250 employees & worldwide turnover >EUR 40m & at least 50% earned in one or more high-risk sectors Companies formed in accordance with the law of a third country and had a ❑ Turnover > EUR 150 million in the EU in the financial year preceding the last financial year; or ❑ Turnover > EUR 40 million in the EU in the financial year preceding the last financial year & at least earned 50% in one or more high-risk sectors Scope and reach of the CSDDD
  6. 6. THANK YOU

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