EU Takes Action to Combat Noncompliance with ESG Transposition by Member States

The European Commission has taken several steps to address issues with the transposition of directives that were recently introduced in the European Union across member states. In a statement, the commission argued that the absence of national measures hindered the harmonized compliance and implementation of various laws under the European Union.

Below, we look at some of the areas the commission has touched on.

Corporate Sustainable Reporting

The Corporate Sustainability Reporting directive is yet to be fully adopted by 17 member states, including Spain, Germany and Belgium. The commission explained that sustainability reporting was important for the promotion of trust and transparency among stakeholders.

Renewable Energy

Twenty-six member states have, in the recent past, been criticized for not transposing provisions of Directive 2023/2413. The directive, called the Revised Renewable Energy Directive, is focused on accelerating and simplifying authorizing procedures for projects concerning renewable energy.

In a statement, the commission explained that this transposition was important to help achieve renewable-energy targets. The only country that  has complied with this request in Denmark.

Work-Life Balance

A formal notice was also issued to Spain for its failure to transpose Directive 2019/1158, also known as the Work-Life Balance directive. This mandate establishes minimum standards for allowances paid during parental leave. The country is yet to meet the requirement to pay allowances for the final two weeks of leave.

In a statement, the commission explained that the achievement of equality in the workplace begun by offering support to parents. Spain has been given two months to correct the issue.

Hazardous Substances

Slovakia and Portugal have also been called out for not transposing amendments made to the Restriction of Hazardous Substances directive. These amendments permit the use of lead and cadmium in certain recovered PVC products.

This, in turn, allows old polyvinyl chloride products to be recycled and helps supports the European Union’s circular economy objectives. If the two countries don’t rectify the issue, related products can’t be legally introduced to the market. The commission gave the pair of countries two months to solve the problem.

Financial Stability and Justice

Austria and Ireland were also notified by the commission to completely transpose Directive 2019/1023, which centers on restructuring and insolvency. The directive helps ensure that electronic tools streamline insolvency proceedings, which is important legally. Both countries have also been given two months to respond to the matter.

Member states that don’t complete their transpositions may have their cases referred to the EU’s Court of Justice.

Enterprises in other jurisdictions, such as Coyuchi Inc., can expect similar enforceable guidelines on matters such as environmental, social and governance (ESG) to be enacted in the countries where they operate. It is only a matter of time, therefore, forward-looking businesses are already incorporating these principles.

NOTE TO INVESTORS: The latest news and updates relating to Coyuchi Inc. are available in the company’s newsroom at https://ibn.fm/COYU

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