Basak Baglayan News Today : Breaking News, Live Updates & Top Stories | Vimarsana

During a press conference on September 6th, Minister of the Economy Franz Fayot, introduced the Organisation for Economic Co-operation and Development (OECD) National Contact Point for Responsible Business Conduct for Luxembourg: LuxNCP. During the conference, Minister Fayot presented the team, and outlined the missions, and the activities of LuxNCP.

Without waiting for the new Constitution to come into force, the citizens’ initiative “Pour un devoir de vigilance” (For a duty of care) has succeeded in imposing the idea of a law to defend human rights and environmental protection. There will be new obligations, including for financial market players.

Luxembourg has been advised to start outlining legislation to impose a human rights duty of care on companies domiciled in the country. The recommendation was made in a government-commissioned study by Dr Basak Baglayan, from the University of Luxembourg, examining the possibilities of a new due diligence legislation that would respect human rights along companies’ value chains. Luxembourg law does not currently oblige firms to practice due diligence with regard to human rights and the environment, with the exception of some sector-specific obligations related to timber trade and conflict m...