News
ESG, compliance and risk management
WR ESG Alert: Shell appeals landmark climate ruling while EU members agree on Corporate Sustainability Due Diligence Directive
In this month's ESG alert, we describe Shell's appeal against a landmark climate ruling, the approval by EU members of a revised version of the Corporate Sustainability Due Diligence Directive as well as recent EU climate initiatives and proposals to align Norwegian climate regulations with EU standards
EU Council and Legal Affairs Committee of the European Parliament approves amended draft of the Corporate Sustainability Due Diligence Directive
On 15 March 2024, the Committee of Permanent Representatives (COREPER) of the Council of the European Union (the "Council") surprisingly approved an amended draft of the Corporate Sustainability Due Diligence Directive (the "CS3D"). On 19 March, the amended draft of the CS3D was approved by the Legal Affairs Committee (JURI) of the European Parliament.
Download our Crisis Management app
Wikborg Rein’s Crisis Management Tool is now ready for download. The tool provides practical, immediate and step-by[1]step guidance in case of various types of crises arising as a result of unannounced inspections and controls by the police or other public authorities.
Wikborg Rein top ranked in Chambers Europe
We are delighted to announce that we have once again achieved top rankings in Chambers Europe in a total of 19 categories, which is more than any other Norwegian law firm.
WR ESG Alert: The EU Council fails to endorse the Corporate Sustainability Due Diligence Directive, leaving the future of the Directive hanging in the balance
In this month's ESG alert, we highlight the EU Council's failure to endorse the Corporate Sustainability Due Diligence Directive and the European Parliament's efforts to combat gender-based violence, and provide an update on various environmental developments at the EU and Norwegian levels.
EU takes steps to empower consumers for the green transition
Shielding consumers from greenwashing and misleading environmental claims constitutes an important aspect of the European Union’s strategy to cultivate a more environmentally sustainable economy. A European Commission study in 2020 revealed that more than 50% of environmental claims within the EU were unclear or misleading, with 40% lacking substantiation.
WR ESG Alert: Key decisions by Norwegian and French courts relating to the environment and crimes against humanity
In this month's ESG alert, we describe the recent decision by France's highest court which paves the way for charges to be brought against Lafarge for complicity in crimes against humanity and a decision by Oslo District Court which invalidates three Norwegian oil and gas field permits on environmental grounds.
Working conditions at Turkish yards and the Norwegian Transparency Act
Norwegian media has recently published a number of stories on the alleged poor working conditions at Turkish shipyards. Norwegian shipowners contracting with foreign yards must be prepared to provide information on their efforts to ensure decent working conditions pursuant to the Norwegian Transparency Act.
WR ESG Alert: EU agreement on the Corporate Sustainability Due Diligence Directive and updates to and expansion of a range of environmental obligations
In this month's ESG alert, we highlight that political agreement has been reached at EU level with respect to the Corporate Sustainability Due Diligence Directive, the Ecodesign for Sustainable Products Regulation as well as new rules to strengthen the Energy Performance of Buildings Directive. We also describe an expanded scope for sustainability disclosure obligations following a report by the European Supervisory Authorities and revisions to the Norwegian Greenhouse Gas Emissions Trading Act.
EU agreement on corporate due diligence rules to safeguard human rights and environment
On 14 December 2023, the European Parliament and the European Council informally agreed on a new directive on corporate sustainability due diligence (the "CS3D" or the "directive") obliging firms to integrate their human rights and environmental impact into their management systems. The directive has been called a historic breakthrough in the way companies are now responsible for potential abuse in their value chain. Subsequent to the negotiations, the Lead MEP said that this was a starting point for shaping the economy of the future.
Changes to Norway's foreign investment control regime proposed
This week, the Investment Control Commission – appointed by the Norwegian government in 2022 – delivered its report concerning Norway's foreign direct investment laws. The report proposes significant changes to the current system, ostensibly in order to protect national security interests, and would bring Norway's rules on FDI more in line with some of its European neighbours.
WR ESG Alert: New climate lawsuit against the Norwegian government and expansion of the EU Emissions Trading System
In this month's ESG alert, we highlight that shipping activities have been incorporated into the EU Emissions Trading System, and that provisional agreement has been reached at EU level with respect to the Critical Raw Materials Act, the EU Nature Restoration Law and an EU Regulation to reduce energy sector methane emissions. We also report on the latest climate lawsuit against the Norwegian government.
WR ESG Alert: Carbon Border Adjustment Mechanism enters transitional phase, EU taxonomy news, proposed increase in fines for violations of the Working Environment Act
In this month's ESG alert, we highlight that the EU's Carbon Border Adjustment Mechanism has entered its transitional phase, we note the publication of various recommendations and reports calling for a more environmentally sustainable future and update on public consultations on proposed legislative amendments to the Working Environment Act and the Lawyers Act. We also provide an update on the EU taxonomy and mention Europol's Financial and Economic Crime Threat Assessment.
WR ESG Alert
We are pleased to announce the launch of our monthly ESG alert service, where we will provide updates on key developments on topics of relevance under the ESG umbrella. The WR ESG alerts intend to offer a focused perspective on environmental and social issues, emphasising material developments and their implications. However, this may not encompass all aspects of the broader ESG spectrum and will generally not cover governance-related updates.
EU-U.S. Data Privacy Framework: What does it mean for businesses and what to expect going forward?
On 10 July 2023, the European Commission adopted its adequacy decision for the United States.
Proposed amendments to the Norwegian Security Act – expansion of the FDI rules
On Friday 31 March, the Government submitted a bill proposing amendments to the Norwegian Security Act. The proposed changes may mean that far more transactions will be subject to FDI screening, and changes in the procedural rules may have a major impact on deals, not least with respect to deal timetable.
Sanctions and money laundering on the agenda
On Thursday last week, we kicked off the first anniversary seminar of the year with our Sanctions and Money Laundering Day at the National Museum.
The year of sanctions – some lessons learnt
The massive and unprecedented sanctions imposed against Russia have required significant efforts to manage the risks and impact of sanctions, particularly in view of creative attempts to circumvent by some parties. In this article we explain why you should update your sanctions clause, and how to ensure that it is fit for purpose.
Proposal for a Corporate Sustainability Due Diligence Directive: extensive due diligence requirements
On 23 February 2022, the European Commission adopted its proposal for a Corporate Sustainability Due Diligence Directive (the "CSDD Directive"). The proposal has been called a game-changer in the way companies operate their business activities throughout the global value chain, and sets out extensive sustainability due diligence requirements as well as introducing new corporate governance obligations for in-scope companies.
Update – Beneficial ownership register act
In order to fully implement the EU Fourth Anti-Money Laundering Directive, Norway is soon to establish the necessary legal basis for a Beneficial Ownership Register. The EU Fourth Anti-Money Laundering Directive article 30 provides that companies in Member States should obtain and hold information relating to their “Beneficial Owners” and that this information should be reported to a central register.
Guidance on drafting and interpreting contractual sanctions clauses
In this article, we discuss the first UK case dealing with the scope of a sanctions exclusion clause in the context of the re-imposed US sanctions on Iran and the EU Blocking Regulation. We also provide some pointers for in-house counsel drafting sanctions exclusion clauses.
Privilege in the UK – a landmark decision
A High Court decision limiting privilege in relation to advice prepared for a company regarding claims of fraud and corruption has recently been overturned by the Court of Appeal in London. The decision widens the scope of protection for disclosing documents created by internal investigations and should give comfort to organisations facing such allegations.
Should privilege against self-incrimination apply to corporate investigations?
Privilege against self-incrimination is a fundamental principle that protects witnesses from revealing information which might expose them to an accusation or criminal charge. Many legal systems recognise this privilege, and in Norway the right to protect oneself against self-incrimination is a rule of law. The privilege derives both from the right to a fair hearing as defined in article 95 of Constitution and article 6(1) of the European Convention on Human Rights in addition to article 14(3)g of the United Nations Convention on Civil and Political Rights. In the US the privilege is enshrined in the Fifth Amendment to the Constitution.
What Do President Trump's Iran Threats Mean for Norwegian Companies?
At last month's State of the Union address, President Trump called on Congress to "address the fundamental flaws in the terrible Iran nuclear deal". Trump has been attacking the deal, formally known as the Joint Comprehensive Plan of Action (the "JCPOA"), since he began campaigning for the presidency. But this latest statement, made at one of Washington's most important political events and coming on the heels of Trump's January 12 threat to withdraw from the JCPOA, suggests that the president may be closer to taking action. If Trump does decide to end US participation in the JCPOA, how will he do it? And what will this mean for Norwegian companies considering business in Iran?
Corporate criminal liability; the impact of an effective compliance program
An effective compliance program is essential for any business and it needs to be strong, both on paper and in practice. It addition to providing measures to assist companies to prevent, detect and respond to violations of laws and regulations, such programs have an important role to play as part of any defence against corporate criminal investigations and prosecutions.
Considerations for Norwegian Companies after the US Withdrawal from the Iran Nuclear Deal
On May 8, President Donald Trump announced that the United States would withdraw from the Iran nuclear deal.