{"id":20088,"date":"2022-11-21T10:06:29","date_gmt":"2022-11-21T10:06:29","guid":{"rendered":"https:\/\/crigroup.com\/?p=20088"},"modified":"2024-01-15T08:13:09","modified_gmt":"2024-01-15T08:13:09","slug":"know-your-swiss-corporate-reporting-and-due-diligence-obligations","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/know-your-swiss-corporate-reporting-and-due-diligence-obligations\/","title":{"rendered":"Know your Swiss Corporate Reporting and Due Diligence Obligations"},"content":{"rendered":"

Switzerland has introduced new Corporate Reporting and Due Diligence obligations in connection with conflict minerals and child labour to improve human rights protections around the world.<\/span><\/p>\n

Switzerland is following international trends and regulations for non-financial reporting and human rights due diligence and the reforms include new rules in the Swiss Code of Obligations related to the trade of minerals and metal ores originating from conflict-affected zones. The resources are reportedly being extracted using forced labour and are a known source of finance for armed conflict, says the EU. The EU implemented the Conflict Minerals Regulation last year as a means of restricting access to these natural resources.<\/span><\/p>\n

Companies with registered offices or principal places of business in Switzerland have to comply with these due diligence obligations in their supply chain when dealing with the highlighted minerals and metals in Switzerland. They also need to comply with the due diligence duties if they offer goods or services that have suspected links to child labour. The import and processing of recycled materials are not subject to the new rules.<\/span><\/p>\n

Requirements for Corporate Reporting and Due Diligence\u00a0<\/h2>\n

These corporate reporting and due diligence obligations will apply from the start of the financial year in 2023 to Swiss companies of public interest, which as a group together with their controlled companies in Switzerland and abroad meet both of the following requirements over two consecutive financial years:<\/span><\/p>\n