Canadian Companies Seek Extension on Supply Chain Transparency 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.

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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 »