Continuing to provide world-class cross-border legal solutions, Lex Mundi is pleased to announce the release of the Global Sustainability and Competition Guide, which enables in-house and outside counsel to understand ESG priorities and initiatives around competition regimes.
Covering more than 45 different countries, this resource tool can be utilized for firms to anticipate new upcoming regulations. Surveys reveal 28 percent of firms reported that ESG measures/sustainability agreements are included in their jurisdictional competition regime, and 40 percent of firms reported precedents that involved ESG/sustainability matters in their country.
Key facts and findings:
- The survey reveals that 28% of jurisdictions analysed reported that ESG measures/sustainability agreements are included in their jurisdictional competition regime – most of these were in Europe.
- In Austria, for example, recent amendments to the Austrian Cartel Act mean that sustainability criteria were explicitly included in Austrian antitrust law for the first time.
- 40% of jurisdictions represented reported precedents that involved ESG/sustainability matters in their country:
- In the United Kingdom, for example, the Global Reporting Initiative was established in 1997 to create an accountability framework for companies.
- In Thailand such precedents mostly involve areas of capital markets, wherein the concept of corporate governance culture, corporate social responsibility and sustainable development were introduced and developed.
- A handful of jurisdictions covered foresaw new regulations coming into place in 2022.
- For example, the Protected Disclosures Bill 2021, once enacted into the laws of Belize, would be a landmark piece of legislation that could yield grant dividends in the fight against corruption.
- There remains there some possibility of ESG-related regulations being adopted by the Korea Fair Trade Commission in 2022.
- In a few of the surveyed jurisdiction antitrust regulation may give rise to private or class action ESG litigation.
- In Malta, The Collective Proceedings Act permits an opt-in class action in cases where competition law is breached.
The interactive, freely accessible tool allows for the creation of a bespoke report comparing relevant information on competition regimes in any of the 45+ jurisdictions worldwide included in the report. It gives users the unique opportunity to share current legal information with outside counsel to assist in navigating ESG in competitive organizations.
“Lex Mundi is pleased to have launched this unique guide to assist both in-house and outside counsel to navigate evolving ESG priorities and initiatives around competition regimes. We hope to continue to update this global guide with key developments and new jurisdictional responses from our member firms.”
- Lauren Smith, Head of Global Practice Groups, Lex Mundi
This guide offers Lex Mundi member firms the unique opportunity to share current legal information with outside counsel to assist in navigating ESG in competitive organizations.
Special thanks to the Lex Mundi Antitrust & Competition Working Group for their leadership and input on the guide.
Access the full guide.