The Norwegian Transparency Act: Ensuring Human Rights and Labor Conditions

🔍The Norwegian Transparency Act is based on international frameworks and emphasizes the need to conduct human rights due diligence.

💼The act applies to large companies in Norway and has a broad scope, covering the company's operations and supply chain.

🌍Transparency is a key principle of the act, enabling stakeholders to hold companies accountable and promoting learning and improvement.

🔄Human rights due diligence is a risk-based and dynamic process that allows companies to continuously improve and address inherent risks.

📚Implementing human rights due diligence involves following a six-step process based on the protect-respect-remedy framework.

What is the scope of the Norwegian Transparency Act?

—The act applies to large companies in Norway, including public listed companies and medium-sized companies. It covers both the company's own operations and its supply chain.

What are the key principles of the act?

—The act is based on international frameworks and emphasizes the principles of proportionality, risk-based approach, and transparency.

How can companies ensure compliance with the act?

—Companies can ensure compliance by conducting human rights due diligence, following a six-step process based on the protect-respect-remedy framework, and continuously improving their practices.

How does the act promote transparency?

—The act requires companies to be transparent about their human rights due diligence process, enabling stakeholders to hold them accountable and facilitating learning and improvement.

What are the benefits of implementing human rights due diligence?

—Implementing human rights due diligence helps companies identify and address inherent risks, ensure compliance with fundamental human rights and labor conditions, and build trust with stakeholders.

00:01The Norwegian Transparency Act requires large companies to conduct human rights due diligence.

02:25The act has a broad scope, covering both the company's own operations and its supply chain.

04:18Transparency is a key principle of the act, enabling stakeholders to hold companies accountable.

09:00Implementing human rights due diligence involves following a six-step process.

15:25The act is based on international frameworks and emphasizes the principles of proportionality, risk-based approach, and transparency.