{"id":13595,"date":"2024-03-21T09:03:54","date_gmt":"2024-03-21T09:03:54","guid":{"rendered":"https:\/\/sharecontrol.io\/uncategorized\/the-deadline-for-reporting-under-the-transparency-act-is-approaching\/"},"modified":"2024-08-05T13:40:35","modified_gmt":"2024-08-05T13:40:35","slug":"the-deadline-for-reporting-under-the-transparency-act-is-approaching","status":"publish","type":"post","link":"https:\/\/sharecontrol.io\/en\/transparency-act\/the-deadline-for-reporting-under-the-transparency-act-is-approaching\/","title":{"rendered":"The deadline for reporting under the Transparency Act is approaching"},"content":{"rendered":"\n

The deadline for reporting under the Transparency Act is fast approaching. 30. June 2024, all businesses covered by the Transparency Act must publish the report. Here are the rules you must remember!<\/strong><\/p>\n\n

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What is a report under the Transparency Act?<\/h1>\n

All businesses that are covered by the Transparency Act must publish an account of their due diligence assessments, every year and no later than 30 June. Communication is a key part of the the due diligence process<\/strong><\/a>of due diligence, where companies must communicate how they address negative impacts on fundamental human rights and decent work.<\/a><\/strong>. The report is an extension of the Openness Act, which is intended to ensure that the public has insight into the findings you have made and what measures have been taken. <\/p>\n\n

The deadline for reporting under the Transparency Act – 30 June 2024<\/strong><\/p>\n\n

Read also<\/strong>: The steps in the Transparency Act<\/strong><\/a><\/p>\n\n

However, there are several requirements for what the report must contain as a minimum and how this should be set up. <\/p>\n

Minimum requirements in the report<\/strong><\/strong><\/h2>\n

Now that the deadline for reporting under the Transparency Act is approaching, there are several points that must be included in the report. As this is the companies’ way of presenting the results of the due diligence assessments, the reporting obligation is based on the guidelines from the OECD. This means that there are some minimum requirements that must be followed. In the Transparency Act \u00a7 5 letters a, b and c<\/a>, the requirements that are required appear. <\/p>\n\n

Find out more about the requirements of the Transparency Act here.<\/strong><\/a><\/p>\n\n

As long as the minimum requirement in the reports is met, the companies are free to design the reports at their discretion. However, it will always be advantageous to describe more than the minimum requirement covers.<\/p>\n

What about foreign businesses?<\/strong><\/strong><\/h4>\n

The Norwegian Transparency Act requires over 9,000 Norwegian companies to monitor human rights in their own operations and supply chain. Foreign businesses can also be covered. Read more about the Transparency Act for foreign businesses her<\/a><\/strong>e<\/a>.<\/p>\n\n

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1. General description of the business<\/strong><\/h2>\n

The requirement for an explanation under the Transparency Act<\/a> is that the business itself must provide a general description of the business’s organisation, operating areas, guidelines and routines to deal with negative consequences for basic human rights and decent working conditions.<\/p>\n\n

The general description of the business is linked to step 1 in the due diligence assessments, where the board must anchor accountability in the guidelines<\/a>.<\/p>\n

2. Negative consequences discovered in due diligence assessments<\/strong><\/h3>\n

In the due diligence assessments, activities were carried out to uncover negative consequences and risks of violations of basic human rights and decent working conditions. The findings from this will now be included in the report.<\/p>\n\n

The Transparency Act<\/strong><\/a> does not require the company to disclose all suppliers with minimal risk and where no cases have been uncovered. We still recommend presenting the number that has been checked, e.g. 11 suppliers with low risk, 4 with medium risk and 2 with high risk. Furthermore, the business must present the findings to suppliers with medium and high risk. Note that all findings at suppliers with actual negative consequences on basic human rights and decent working conditions must be presented here.<\/p>\n\n

In the report, it is relevant to write about negative impacts on human rights and working conditions that you have found both inside and outside your own business.<\/strong> It should also be stated whether the negative consequences are directly or indirectly affected by the company’s activities.<\/strong><\/p>\n\n

You should include as much information as possible about the findings you have made to give the public an insight into your risk assessments and which areas you have focused on. The question of how much information <\/p>\n\n

The requirements in the report:<\/strong><\/p>\n\n