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The purpose of the act is to help companies to promote companies' respect for basic human rights and decent working conditions in connection with the production of goods and services.
Large businesses are defined as:
At the same time, the law must ensure the general public access to information about how businesses deal with negative consequences on basic human rights and decent working conditions
The company must know how it should relate to the law and what consequences the Transparency Act may have for the company. The company is required to make due diligence assessments:
Businesses that are covered must publish an account of the due diligence assessments. The statement must be updated and published by 30 June each year, and made easily available on the company's website.
What about subcontractors?
Large businesses must carry out due diligence assessments for their supply chains and business partners, therefore the Transparency Act will also affect smaller businesses that are subcontractors to larger businesses.
Legal data
You can read more about the Transparency Act on lovdata's website at following this link
