New system for the Transparency Act
Briefly about the Norwegian Transparency Act
The Transparency Act is a new law that entered into force on 1. July 2023. It obliges companies covered by the law to carry out due diligence assessments of their suppliers with regard to decent working conditions and basic human rights.
These companies are therefore required to report and risk assess their suppliers, and must be able to document this to anyone who requests the information – including the general public.
– Sindre Beba, Produktansvarlig for ShareControl Transparency
The Act covers all companies that offer goods and services in Norway and exceed two of the following three conditions:
- Turnover of NOK 70 million in the financial year
- Balance of NOK 35 million
- 50 man-years during the financial year
In addition, the Transparency Act covers all ASA and listed companies. According to the Norwegian Consumer Protection Authority, this applies to just under 9,000 Norwegian businesses.
ShareControl Transparency
The Norwegian software company Share Control AS is today launching ShareControl Transparency – a new system for the Transparency Act. ShareControl Transparency will help customers comply with the requirements of the Transparency Act.
Several of our customers are concerned about how they will handle the requirements of the new Transparency Act and have requested a solution that can easily help them comply with the requirements of the Act. Using new technology and components from our other products, we have developed the ShareControl Transparency solution in record time, which does just this.
– Ragnar Bryne, Daglig leder i Share Control.
Download guide for the Transparency Act
Get an insight into all the functions and processes that can help you deal with the Transparency Act. We have created a complete guide that takes you from anchoring in the board to due diligence assessments, risk assessment and reporting.
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Developed in collaboration with Puzzlepart
The solution has been developed in Norway in collaboration with Puzzlepart, and is built on modern technology from Microsoft, such as Microsoft 365 and Power Platform using so-called low code technology, which gives a short time from idea to finished product.
It is fantastic to be able to work with a visionary software company like Share Control, which utilizes Microsoft’s standard cloud platform Microsoft 365 for its user-friendly and feature-rich solutions. Puzzlepart itself uses a number of Share Control’s solutions and will also use ShareControl Transparency.
– Steffen Norby, CEO og Partner i Puzzlepart.
Transparency Act
ShareControl Transparency gives customers a good overview and documentation of the status of their own suppliers in accordance with the requirements set by the Transparency Act. If the requirements in the Transparency Act change, the program will also change.
The EU has initiated work to standardize the reporting requirements set by the Transparency Act. As a customer of ShareControl Transparency, you will meet the requirements for first reporting in 1H 2023, and you are guaranteed further development of the product in line with Norwegian and international law developments, Bryne continues.
The new Transparency Act entered into force on 1 July 2022. It requires all ASA companies, listed companies and medium-sized enterprises *) to carry out and document due diligence assessments in relation to decent working conditions and basic human rights at their suppliers.
The businesses must further report and document (explanation) this no later than 30/6-2023 and anyone who wishes can request access to businesses that are covered by the law.
Read also: Information requirements in the Transparency Act
*) Businesses where at least 2 of 3 criteria are met [> 70m turnover, balance sheet > 35m, > 50 full-time equivalents)
ShareControl Transparency
A simple and complete system for handling the Transparency Act in your business.
