Borsa Italiana
Making human rights due diligence a legal requirement for companies including systems to identify, assess, mitigate or manage human rights risks and impacts to improve that process over time and to disclose the risks and impacts, the steps taken and the results.
Direct Consultation with Governments
Comments from the entity submitted through official regulatory and legislative consultation processes, or via meetings and other direct engagements with policymakers. Includes evidence obtained by InfluenceMap through Freedom of Information requests.
The entity does not consider that a legal framework on due diligence is needed and does not repond to questions related to due diligence duty definition and approach.
In response to question 2 on whether a EU legal framework for supply chain due diligence is needed the Company responds that: 'no, it should be enough to focus on asking companies to follow existing guidelines and standards'. It also states that: 'we recommend the omission to carefully consider to adopt a gradual approach ... and also any competitive issues which may arise in case of limiting of the mentioned measures to EU companies only'.
Requiring Human rights due diligence of all companies, regardless of sector and size, while still reflecting their individual circumstances.
Direct Consultation with Governments
Comments from the entity submitted through official regulatory and legislative consultation processes, or via meetings and other direct engagements with policymakers. Includes evidence obtained by InfluenceMap through Freedom of Information requests.
The Company considers that SMEs should be excluded and target only large companies.
In addition to considering that: 'it should be enough to focus on asking companies to follow existing guidelines and standards', the Company states that 'with respect to the potential scope of the due diligence duty, we believe that any measure should: (i) apply exclusively to large companies in light of the fact that they are the relevant entities which have effective market power over their supply chain ... for this reason, we do not deem appropriate to establish due diligence requirements to SMEs'.
Including in the duties of directors and company law obligations to avoid human rights impacts or “harms”.
Direct Consultation with Governments
Comments from the entity submitted through official regulatory and legislative consultation processes, or via meetings and other direct engagements with policymakers. Includes evidence obtained by InfluenceMap through Freedom of Information requests.
Although not directly asked, the Company strongly disagrees with directors being required by law to set up procedures to ensure that adverse impacts are identified, prevented and addressed.
In response to question 7, on whether directors should be required by law to establish procedures to ensure that adverse impacts are identified, prevented and addressed, the Company states that it 'strongly disagrees'. The Company goes on to say that: 'we believe that a mandatory requirement for corporate directors to se up procedures and measurable targets to ensure that possible risks and adverse impacts on stakeholders acts are identified, prevented, and addressed could be a problematic and ineffective policy option. If an EU legal obligation were introduced ... in any case it should be left to companies to identify relevant stakeholders and contextualise their ESG risks management practices in terms of concrete ESG issues and stakeholders identified'.
Require companies to provide grievance mechanisms for all stakeholders including those in the value chain.
Direct Consultation with Governments
Comments from the entity submitted through official regulatory and legislative consultation processes, or via meetings and other direct engagements with policymakers. Includes evidence obtained by InfluenceMap through Freedom of Information requests.
Although not directly asked, the Company disagrees 'to some extent' with requiring information and consultation channels for engaging with stakeholders.
In response to question 20a, on whether the EU should require directors to establish information and consultation channels for engaging with stakeholders in this area (due diligence duty), the entity responds that, 'I disagree to some extent' arguing that: 'In our view, a mandatory requirement laid down in EU legislation to establish ad hoc information and consultation channels with stakeholders would not be an appropriate policy instrument to foster dialogue with relevant stakeholders. As mentioned, we believe that Governance Codes may be an effective tool towards a shift to a more open discussion with relevant constituencies and in opening up the companies’ businesses to wider forms of accountability'. Although not directly asked about complaint mechanisms, it can be inferred that if it opposes a mandatory mechanism for consultation it probably opposes consultation channels including complaints.
Require companies to implement a due diligence process covering their value chain to identify, prevent, mitigate and remediate human rights impacts and improve that practice over time.
Direct Consultation with Governments
Comments from the entity submitted through official regulatory and legislative consultation processes, or via meetings and other direct engagements with policymakers. Includes evidence obtained by InfluenceMap through Freedom of Information requests.
The Company is not in favour of legal requirement to conduct due diligence and it believes that due diligence should only focus on the first tier of the supply chain.
The Company does not respond to questions related to definition of due diligence duty and the approach to be followed (questions 14 and 15), but explaining its opposition to a legal framework on the matter, it states that potential scope should 'concern exclusively the supply chains on which the company has a significant market power and focus on the first tier of the supply chains, given that in such instance they will be in a position to exercise leverage through the contractual relationship'. It is not asked about and does not refer to any potential remedies.
Require that companies identify their stakeholders and their interests.
Direct Consultation with Governments
Comments from the entity submitted through official regulatory and legislative consultation processes, or via meetings and other direct engagements with policymakers. Includes evidence obtained by InfluenceMap through Freedom of Information requests.
The company strongly disagrees with this requirement
Although the consultation asks this in the context of director's duty (question 6), the Company's response showing disagreements refer to the identification itself: 'we believe that the introduction of mandatory obligation to identify the Company's relevant stakeholders and to manage risks and opportunities should be carefully assessed in light of the importan implications on the decision making straucture and the accountability mechansims of companies'.
Require directors to establish and apply mechanisms or, where they already exist for employees for example, use existing information and consultation channels for engaging with stakeholders.
Direct Consultation with Governments
Comments from the entity submitted through official regulatory and legislative consultation processes, or via meetings and other direct engagements with policymakers. Includes evidence obtained by InfluenceMap through Freedom of Information requests.
The Company disagrees to some extent to this requirement.
This is directly asked in the consultation questionnaire (question 20a). The Company disagrees to some extent and argues that: 'In our view, a mandatory requirement laid down in EU legislation to establish ad hoc information and consultation channels with stakeholders would not an appropriate policy instrument to foster dialogue with relevant stakeholders. As mentioned, we believe that Governance Codes may be an effective tool towards a shift to a more open discussion with relevant constituencies and in opening up the companies’ businesses to wider forms of accountability'.
Require that corporate directors should manage the human rights risks for the company in relation to stakeholders and their interest including on the long run.
Direct Consultation with Governments
Comments from the entity submitted through official regulatory and legislative consultation processes, or via meetings and other direct engagements with policymakers. Includes evidence obtained by InfluenceMap through Freedom of Information requests.
The Company strongly disagrees with this requirement
In addition, it adds that: 'we believe that the introduction of mandatory obligation to identify the Company's relevant stakeholders and to manage risks and opportunities should be carefully assessed in light of the important implications on the decision making structure and the accountability mechanisms of companies'.
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