Norway Transparency Act
Applicable to companies registered in Norway or companies paying taxes in Norway meeting at least two out of the following three criteria: 50 or more full-time employees; annual turnover of at least NOK 70 million; NOK 35 million balance sum.
The Transparency Act (or Åpenhetsloven) requires companies to carry out due diligence assessments in respect of human rights and decent working conditions. The objective of the assessment is for the companies to identify, address and prevent any adverse impacts in their operations, supply chain or other business relationships. The Act requires businesses to report the findings and make the information available to the public through the company’s website.
The level of due diligence should be carried out in proportion to the size and nature of the business, depending on the severity and probability of the adverse impacts on human rights and decent working conditions. Consequences and penalties for non-compliance are yet to be defined, however, they will be variable as well – the severity of the infringement will determine them.
To learn more about what the Norway Transparency Act means for your business read our blog or watch a webinar.