There is a general desire for more transparency regarding the production of goods and the provision of services, especially relating to how businesses respect fundamental human rights and decent working conditions as part of these processes. The purpose is that the Act will lead to improvements in these areas and that the information available will allow consumers to make more informed choices.
It is estimated that the law will apply directly to around 9000 enterprises. In addition, we can expect that smaller enterprises will be affected indirectly, by larger enterprises’ demands upon them. It is expected that all companies are aware of and comply with the Transparency Act, which is based on international principles and guidelines: United Nations Guiding Principles on Business and Human Rights (UNGP) and the OECD Guidelines for Multinational Enterprises.
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