The Norwegian Transparency Act came into effect on July 1, 2022, and applies to "larger" businesses in Norway. Do you have it in place?
The law covers public limited liability companies, listed companies, and other entities that meet two of the following three criteria on the balance sheet date:
All businesses directly covered by the Transparency Act are required to publish a statement outlining the due diligence assessment conducted. The deadline for this statement was June 30, 2023.
According to the Transparency Act, the covered businesses are obligated to conduct a due diligence assessment of their operations and supply chain, following the OECD Guidelines for Multinational Enterprises. The focus of the assessment is the business's respect for fundamental human rights and decent working conditions, as well as those of their suppliers.
The due diligence assessment consists of six steps, although this overview simplifies the process:
Also read: The Norwegian Transparency Act
If you don't have the statement under the Transparency Act in place the consequences of failing to report in compliance with the law can be significant.
If you would like more information on how to work with the Transparency Act leading up to the deadline, feel free to contact us for a conversation.