Because of the trend towards a stronger awareness of "corporate social responsibility", companies both in Switzerland and abroad are confronted with growing demands for responsible corporate governance. The most recent example of legal developments in this area is the indirect counter-proposal to the federal popular initiative "the Responsible Business Initiative – Protecting human rights and the environment" ("Konzernverantwortungsinitiative"). With the expiry of the referendum deadline on 5 August 2021, new due diligence and reporting regulations on non-financial matters as well as in areas of conflict minerals and child labour are expected to come into force in Switzerland on 1 January 2022. In recent years, the Governance, Risk and Compliance (GRC) approach has been an efficient tool for companies with complex corporate structures to meet expanding regulatory requirements. By means of a comprehensive approach, the areas of Governance, Risk and Compliance have been merged and companies are well advised to examine their compliance structures critically and, if necessary, adapt them to the latest developments. For more details on corporate social responsibility in Switzerland, follow this link to the main article.
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