In the new year, German companies will be forced to monitor their supply chains more strictly.
On January 1, the new Supply Chain Act comes into force, a piece of legislation that dates back to Angela Merkel's time as chancellor. As a result, companies with more than 3,000 employees will be required to comply with certain obligations for their entire supply chain.
According to the Development Ministry, about 900 German companies will be affected. From 2024, the law will also apply to companies with more than 1,000 employees.
Among other things, the companies concerned must carry out a risk analysis, introduce risk management and a complaints mechanism, and report on these measures publicly. In the event of violations within the business or by direct suppliers, companies must take appropriate action.
Read the full article at: www.politico.eu
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