LEGAL FRAMEWORK OF SUSTAINABILITY DUE DILIGENCE REGIME AS A NEW STANDARD OF CORPORATE RESPONSIBILITY
DOI:
https://doi.org/10.5937/ptp2603155VKeywords:
sustainability due diligence, corporate responsibility, corporate governance, Directive (EU) 2024/1760Abstract
The development of the sustainability due diligence regime in European Union law has opened a debate on whether this regulatory framework introduces a new standard of corporate responsibility or represents an extension of the existing concepts of professional and fiduciary diligence. The objective of our paper is to analyze the legal framework of the sustainability due diligence regime, established by Directive (EU) 2024/1760 on corporate sustainability due diligence, which introduces a qualitatively new standard of corporate responsibility. The findings indicate that the sustainability due diligence regime introduces a preventive and procedural model of risk management that extends the relevant sphere of responsibility of companies to value chains. Although certain normative elements compatible with this approach already exist in the law of the Republic of Serbia, the existing legal framework does not recognize such a systemic model of responsibility.
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