European Union lawmakers on Tuesday backed rules requiring thousands of large companies to identify and mitigate human rights abuses like child labour or slavery, and environmental damage by suppliers.
The European Parliament's legal affairs committee voted to approve the draft EU corporate sustainability due diligence directive .
EU companies would have to comply if they employ more than 250 people and have a turnover of more than 40 million euros , a bigger net than EU states want. Tuesday's agreement excluded small and medium sized companies from scope after opposition from centre-right parties. EU states agreed last December on including the financial services sector as an option. Members of the European Parliament on Tuesday made the sector's inclusion mandatory, though with some concessions for areas like asset management.
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