Garrigues Sustainable Newsletter - October 2023
In this newsletter we compile the most relevant legal news on ESG matters in Spain, published by Garrigues.
Corporate Sustainability Reporting Directive and reporting standards: are companies and assurance providers ready?
We analyze the challenges and opportunities of the new regulation for companies and assurance providers.
Challenges and opportunities in renewable energy financing in Spain
Experts in renewable energy financing addressed, in a discussion led by Garrigues and G-advisory, the current state of financing for these kinds of projects in Spain, in a new edition of the “Garrigues Sustainable Dialogs”.
Regulation
In compliance with the mandate given in the corporate sustainability reporting directive (CSRD), the European Commission has approved a delegated act adopting the first set of reporting standards.
A number of measures to promote energy efficiency are laid down and the legislation will have to be adopted before January 2025.
The European Union bans the use of microplastics
To protect the environment and human health from their toxic effects, the EU has restricted the use of synthetic polymer microparticles intentionally added to products.
RED III directive approved to move forward with the implementation of renewable energy
The objective is to accelerate energy efficiency, increase the use of renewable energy and reduce emissions in the European Union.
The Recommendation includes measures promoting the role of the social economy in labor market integration and social inclusion. The Conclusions on mental health and precarious work contain a set of suggestions with the aim of promoting the psychological well-being of employees.
2024 European Commission Work Programme adopted
The programme includes proposals to simplify the current sustainability reporting framework.
Trends
The CNMV analyzes ESG reporting by listed companies as required by the EU taxonomy
The report looks at the documentation provided by companies and provides some brief general recommendations to help improve the information published.
The internal whistleblowing channel and its impact on labor relations (I)
In this first installment on the recently introduced whistleblower protection law, the author raises questions about the requirements to be met by the complaints channel or the possibility of sharing the system and the resources allocated to its management with other companies.
Eighth anniversary of the adoption of the SDGs: UN turns on a rescue plan for people and planet
On the eighth anniversary of the approval of the 2030 Agenda and the 17 Sustainable Development Goals (SDGs), the 2023 SDG Summit, which has been held in New York on 18-19 September, starts up a new phase of accelerated progress towards their achievement with the implementation of a rescue plan for people and planet.
Spain: 2023 Progress Report on the 2030 Sustainable Development Strategy
The Spanish Government report takes stock of the goals met and the work still to be done over the next 7 years.
Latin America
If ‘greenwashing’ is identified, the authority will impose a sanction ranging from a reprimand to a fine.
A recent directive, released by the Superintendency of Companies, includes such organizations with a permanent presence in Colombia as obligated entities. Therefore, they are required to initiate the “SAGRILAFT” and “PTEE” programs by no later than August 31, 2024.
Chile: Publication of Law No. 21.592, which establishes a whistleblower protection statute
The law conceives access to protection as a right of any whistleblower who reports irregularities within organisations and guarantees their personal integrity and that of their property, as well as the preservation of their living and working conditions, which could be threatened as a result of their whistleblowing or their participation in the respective investigations.
Garrigues Sustainable
Universum: Garrigues ranked best law firm to work for, for the tenth year running
Universum’s ‘Most Attractive Employers’ survey again places the firm as the first choice of law students in Spain.
The implementation of ESG criteria has become a strategic factor for the success and reputation of organizations. Rosa Zarza, the partner in charge of Garrigues’ Labor and Employment Law Department and of Garrigues Sustainable, analyzes the key principles in an interview for Dircom’s Anuario de la Comunicación 2023, which can be read here (in Spanish).
Garrigues, among the best companies to work for in Spain, according to 'Actualidad Económica'
For yet another year, Garrigues is among the top one hundred companies in Spain in the Actualidad Económica ranking. The firm obtained the highest score in the areas of Talent, the Environment and Training.
The Garrigues Mexico office has been recognized, for the eighth year in a row, as a Socially Responsible Enterprise (ESR® 2023), a distinction awarded by Centro Mexicano para la Filantropía (Cemefi) with a view to encouraging companies to initiate corporate social responsibility and sustainability practices that have a positive impact on society.
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