{"id":11617,"date":"2023-10-20T10:00:07","date_gmt":"2023-10-20T08:00:07","guid":{"rendered":"https:\/\/uniglobalunion.org\/?post_type=news&p=11617"},"modified":"2023-10-20T12:15:35","modified_gmt":"2023-10-20T10:15:35","slug":"uni-calls-for-finance-to-be-included-in-european-due-diligence-directive-and-warns-legislators-not-to-be-swayed-by-ugly-industry-lobbying","status":"publish","type":"news","link":"https:\/\/uniglobalunion.org\/news\/uni-calls-for-finance-to-be-included-in-european-due-diligence-directive-and-warns-legislators-not-to-be-swayed-by-ugly-industry-lobbying\/","title":{"rendered":"UNI calls for finance to be included in European due diligence directive, and warns legislators not to be swayed by ugly industry lobbying"},"content":{"rendered":"

Nyon and Brussels<\/strong> – UNI Global Union and UNI Europa, which together represent 3 million finance workers worldwide, half of whom are in Europe, have written to the EU\u2019s top legislators calling for the full and effective inclusion of the financial sector in the forthcoming European Corporate Sustainability Due Diligence Directive (CSDDD).<\/p>\r\n

In a letter sent on 19 October, UNI General Secretary, Christy Hoffman, and UNI Europa Regional Secretary, Oliver Roethig, state that \u201cThe directive has the potential for a game-changing impact both within Europe and globally by requiring European companies to respect workers\u2019 rights in their operations and value chains worldwide.\u201d <\/em><\/p>\r\n

\u00a0<\/em>However, excluding\u00a0the finance industry in the directive – as the EU Commission and several Member States, including France, are pushing for – \u201cwould weaken the directive\u2019s goals of advancing human rights and environmental justice, fail to meet international standards, and ultimately hinder the standing of finance itself.\u201d<\/em><\/p>\r\n

They warn that \u201c<\/em>ugly industry lobbying claiming that human rights do not apply to finance,\u201d will if successful, \u201cleave a stain on the industry still desperately needing to rebuild trust and demonstrate how it is serving society.\u201d<\/em><\/p>\r\n

In the letter, the union leaders hit back at the lobbyists\u2019 claims point-by-point and provides a robust endorsement for the inclusion of finance in the directive, which will require the sector\u2019s companies operating in Europe to identify, mitigate and act upon human rights and environmental abuses in their supply chains. The letter argues that:<\/p>\r\n