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Hidden Traffic Podcast

EU Corporate Sustainability Reporting Directive Update

In this solo episode of Hidden Traffic Podcast, host Gwen Hassan dives into the new Corporate Sustainability Reporting Directive (CSRD) adopted by the European Council, which replaces the Non-Financial Reporting Directive (NFRD). The CSRD requires companies, both public and private, to report on a wide range of sustainability-related topics, including human rights, anti-corruption, modern slavery and human trafficking prevention, and environmental protection. Gwen will explain the impact of this directive on businesses and provide valuable insights into what companies can do to meet its requirements. 

The CSRD directive aims to increase disclosure requirements for companies and prevent greenwashing. It will also require subsidiary level reporting and auditable information about supply chain, due diligence and human trafficking prevention. The CSRD applies to a larger number of public and private companies and will increase cost. Companies should start preparing as soon as possible to meet the requirements.

 

The CSRD requires companies to report on a wide range of sustainability-related topics – including human rights, anti-corruption, modern slavery and human trafficking prevention, and environmental protection – and provide information about their strategy, targets, governance policies, incentives and risks. The European Commission will adopt standards for reporting under the CSRD by June of next year. The directive will become effective on January 1, 2026, with a 2028 opt-out date for small and micro entities. Large entities and their parents will have to comply immediately.

 

The recent development of the Forced Labor Protection Act in Africa highlights the issue of outsourcing services to low-cost countries and the potential liability companies can face for labor violations and human trafficking in their supply chain. A former content moderator in Kenya filed a lawsuit against both the outsourcing company he worked for and Meta, a social media giant, alleging that he was subjected to viewing graphic and violent material that caused him post-traumatic stress disorder. The court ruled that the case against Meta can move forward, highlighting the need for companies to take responsibility for practices in their supply chain, even if they were not aware of them. This could result in a strict liability standard for many types of companies.

 

Resources

Gwen Hassan on LinkedIn

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Daily Compliance News

February 1, 2023 – The Most Corrupt in Europe Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.

Stories we are following in today’s edition of Daily Compliance News:

  • Allianz employee claims prosecutors and his lawyers ‘set him up.’ (WSJ)
  • More fraud in the crypto world. (WSJ)
  • Tesla’s self-driving claims are under criminal investigation. (Reuters)
  • Hungary is the most corrupt country in the EU. (Politico)
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Daily Compliance News

January 19, 2023 – The Oliver Stone Goes Nuclear Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.

Stories we are following in today’s edition of Daily Compliance News:

  • Oliver Stones goes nuclear at Davos. (NYT)
  • Deutsche Bank names new CCO. (WSJ)
  • Jury seated in Musk ‘funding secured’ trial. (Reuters)
  • EU Parliament member cuts deal in Qatargate scandal. (NYT)
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Daily Compliance News

January 16, 2023 – The 10% Committing Fraud Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.

Stories we are following in today’s edition of Daily Compliance News:

  • The LIBOR imbroglio continues. (WSJ)
  • Ethics reforms coming to EU Parliament. (FT)
  • SCt to look at key whistleblower standards. (Reuters)
  • A new report shows 10% of public companies commit fraud annually. (NYT)
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Daily Compliance News

January 14, 2023 – The Crackdown on Crypto Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.

Stories we are following in today’s edition of Daily Compliance News:

  • SEC cracks down on crypto. (NYT)
  • Musk wants a change of venue. (WSJ)
  • Trump org fined $1.6MM for tax fraud. (Reuters)
  • EU subcommittee on human rights hub of EU corruption investigation. (Political)
Categories
Compliance Kitchen

Compliance Kitchen Wrap Up for January 16, 2023

The Compliance Kitchen is for those who want to “see what’s cooking” in the never-boring worlds of corporate compliance, white collar crime and global trade. We hope that you will feel comfortable in the Kitchen and listen in and finding it enjoyable.

Stories cooking in the kitchen this week include: EU promises upcoming sanctions against Belarus and Iran for assisting Russia in its war against Ukraine; the Czech Republic rolls out its own National Sanctions List; the USITC introduces a new investigations research database system.

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Daily Compliance News

January 12, 2023 – The Spies Cash in Corruption Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.

Stories today include:

  • The ex-Austrian minister was found not guilty of corruption. (Reuters)
  • The coinbase compliance team won’t be whacked. (WSJ)
  • SEC sues Covington over a hack. (Reuters)
  • EU corruption investigation looks at Morocco. (FT)
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Daily Compliance News

December 29, 2022 – The How Big Tech Got it Wrong Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you four compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network.

Stories we are following in today’s edition of Daily Compliance News:

  • EU corruption target denied bail. (Reuters)
  • 3 companies were barred from using forced labor. (WSJ)
  • How big tech got it wrong. (FT)
  • Novartis pays $245MM to settle an anti-trust case. (Reuters)
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Daily Compliance News

December 21, 2022 – The Another Billion Wells Fargo Fine Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you four compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network. Stories we are following in today’s edition of Daily Compliance News:

  • Largest SEC whistleblower award of the year announced. (WSJ)
  • EU trade union chief resigns as a result of Qatar-EU bribery scandal. (FT)
  • Canada sanctions former Haitian ministers. (Reuters)
  • Another Tuesday, another Billion+ Wells Fargo fine. (NYT)
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Daily Compliance News

December 19, 2022 – The Qatar Threatens The EU Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you four compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network.

 

Stories we are following in today’s edition of Daily Compliance News:

  • Qatar threatens EU over bribery allegations. (WSJ)
  • The UK takes a stand against corruption. (Forbes)
  • Washington SCt blocks Albertson’s distribution. (Reuters)
  • SBF expected to agree to extradition. (NYT)