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The impact of the COVID-19 pandemic continues to be felt across the global business community.

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All global economies share an unshakable reliance on natural resources. Global population growth is continuing to drive more intensive industrial and agricultural operations, often in countries with few regulatory checks and balances. 

Anti-bribery and corruption

The UK Bribery Act 2010 introduced a new era of “long arm” legislation targeting the increasingly complex governance and trading operations of corporate groups and their business associates (wherever located).

Modern slavery and supply chain management

Respect for human rights as regards workers in the business across all jurisdictions, and those involved in the supply chain, is now a key feature of the UK corporate governance regime, alongside fair treatment of smaller businesses in the supply chain. Companies are more accountable than ever for these issues, both legally and reputationally.

ESG disclosures and litigation risk

There are a number of regulatory reporting requirements on businesses operating in the UK which require them to make ESG disclosures (either specifically, or as part of their general disclosure obligations).  Additionally, as the sustainability agenda continues to rise in profile and importance, businesses are increasingly opting to make voluntary disclosures, filings or public statements, and we are seeing an increase in the level of detail included in these statements. This is because, as we explain further below, ESG disclosures present businesses with real opportunities to articulate their sustainability agenda and achievements and can assist in mitigating litigation risks faced by a business in respect of climate change and other ESG issues.

Government moves to smooth climate reporting requirements

This summer saw the government unveil plans for the UK to become a world leader in green finance. Among them are further requirements for pensions schemes to disclose sustainability information, adding on to the Taskforce on Climate-related Financial Disclosure (TCFD) rules, which come into play from next month.

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