November 2020

On November 29, 2020, the "Responsible Business Initiative" has been rejected by a majority of the Swiss cantons. As a result, the indirect counter-proposal adopted by the Swiss parliament will most likely enter into force. The counter-proposal imposes extensive non-financial reporting duties on large publicly traded companies and regulated financial institutions notably in relation to environmental, social and employment-related matters, respect for human rights as well as anti-corruption. It also lays down additional due diligence duties with regard to conflict minerals, and child labor.