Canadian Companies Seek Extension on Supply Chain Transparency Law

  • 📰 CTVCalgary
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 68%

Business News News

Business Business Latest News,Business Business Headlines

Canadian industries seek extension on country's human-rights supply chain law

The act, passed in May, seeks to push corporations to provide greater transparency about their supply chains in order to avoid abetting what critics say amounts to modern slavery. The new measure takes effect on Jan. 1, 2024.

"We just want time to be able to do a better job when we start reporting, that is why we are seeking a one-year extension." Bob Kirke, executive director of the Canadian Apparel Federation, told Reuters that an extension was in the interest of everyone as there is no clarity on what exactly those "rules" are.

In May, Canada's corporate ethics watchdog initiated an investigation of Nike and Dynasty Gold Corp on allegations that the companies benefitted from forced labour from the Xinjian province in China in their supply chains.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 26. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Canadian Companies Seek Extension for Supply Chain Transparency LawCanadian corporations are requesting a one-year extension for a new law that aims to increase transparency in supply chains to prevent modern slavery. The law, which takes effect on Jan. 1, 2024, has raised concerns among lobby groups, including mining companies and apparel manufacturers, who fear unclear rules could result in penalties and hinder the import of critical goods. The mining industry, initially supportive of the law, is now seeking more time to ensure accurate reporting. Violating companies could face penalties of up to $250,000, reflecting the growing importance of ethical and social governance issues for global investors.
Source: CTVNews - 🏆 1. / 99 Read more »