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European Climate Charter Ambassador: Due diligence guidance for companies improves their governance practices Thursday, March 7, 2024 - 10:55 am
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Ambassador Mostafa El-Sherbiny, an international expert in sustainability and climate risk assessment and Ambassador of the European Climate Charter to Egypt, stressed that the European Union’s directives on due diligence in the field of corporate sustainability would improve corporate governance practices to mitigate the harmful effects globally on human rights and environmental impacts, and address the harmful effects. and promoting sustainable and responsible business practices throughout the global value chain. This came during his speech at the Federation of Egyptian Industries’ symposium for the Paper Division on the impact of the European Union Corporate Sustainability Due Diligence Directive Law (CSDDD) on Egyptian exports, which is the second in a series of seminars organized by the Federation with the aim of raising awareness to build the capabilities of Egyptian companies to comply with sustainability standards and the mechanism for amending... Carbon limits. El-Sherbiny pointed out that in 2022, the European Commission proposed for the first time a directive on corporate sustainability due diligence, and on December 14, 2023, the European Council and the European Parliament reached a temporary agreement aimed at improving corporate governance practices, which companies operating in the European Union will have to ensure that they meet. High ethical, environmental and labor standards throughout their operations. It also requires companies to integrate due diligence into policies and management systems to identify risks. Companies will have to implement risk management systems and a grievance mechanism. They will also have to prepare an annual report describing due diligence efforts and objectives and monitor the effectiveness of due diligence measures. He explained that the sectors identified by the European Union as having a high risk of negative impacts on the European Union and a high potential for violations of human rights and environmental standards include wholesale trade in textiles, clothing and footwear, wholesale trade in agricultural raw materials, live animals, timber, food and beverages, agriculture, forestry, fisheries and resource extraction. Metallurgy, manufacture of food and beverage products, manufacture of textiles, leather and related products, manufacture of basic metal products, other non-metallic mineral products, and fabricated metal products. Mustafa El-Sherbiny: Directing due diligence to the sustainability of companies (CSDDD) improves their governance practices

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