Norwegian Transparency Act (the “Act”)
The Act relates to companies' transparency and work on fundamental human rights and decent working conditions.
The Act shall promote companies' respect for fundamental human rights and decent working conditions in connection with the provision of services and ensure that the general public's has access to information regarding how companies address negative impacts on fundamental human rights and decent working conditions. The Act comes into force on July 1, 2022.
The Act obligates companies to conduct due diligence into human rights and decent working conditions and follow-ups throughout their supply chain and business relationships. Due diligence shall be carried out in proportion to the size and nature of the company, the context of its operations, and the severity and probability of adverse impacts on fundamental human rights and decent working conditions.
UECC has implemented a Third-Party Code of Conduct (this should be made as a link to the Policy itself which is attached) regarding the Act. UECC has identified and assessed actual and potential negative impacts through our own operations and also our value chains and business partners' operations and several mitigants have been identified.
A full report will be published on our website before the 30th of June 2023.