Publication date: March 10, 2023
KIELTYKA GLADKOWSKI took part in Dow Jones Risk and Compliance webinar devoted to ESG.
The webinar focused on the issues modern slavery in the framework of Environmental, Social and Governance (ESG) compliance. The aim was to shed a light on modern slavery as a topic, its effect on human rights legislation, the global economy and how various organizations are combating force labour practices.
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Publication date: March 10, 2023
On 5 January 2023 the Corporate Sustainability Reporting Directive (CSRD) entered into force. In the framework of European green deal and ESG initiatives, this new directive tries to modernize and strengthen the rules about social and environmental information that companies have to report. A broader set of large companies, as well as listed SMEs, will now be required to report on sustainability – approximately 50.000 companies in total. By the previous regulation, the Non-Financial Reporting Directive, only about 11.000 companies were required to report. A consultation carried out by the Commission found that many stakeholders were in favour of extending reporting requirements to additional categories of companies.
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Publication date: March 10, 2023
PPP is a legal institution introduced into the Polish legal order in 2008 by the Public-Private Partnership Act, which regulates the issues discussed below. To put it simply, a public-private partnership consists in the joint implementation of a project by a private partner and a public entity. It is based on a long-term agreement (which is concluded for 30 or longer) specifying the division of tasks and risks between the two cooperating parties.
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Publication date: March 03, 2023
Sukuk is a financial bond that complies with Islamic religious law commonly known as Sharia. The traditional Western interest-paying bond structure is prohibited in the Islamic law because the riba, or interest debt, goes against precepts of Islam. Therefore, the Islamic countries and investors need a structure to link the returns and cash flows of debt financing to a specific asset being purchased, effectively distributing the benefits of that asset. In order to do that, in Malaysia, the sukuk was created twenty three years ago and, since then, it has become extremely popular in Islamic finance.
Sukuk represents aggregate and undivided shares of ownership in a tangible asset as it relates to a specific project or a specific investment activity. An investor in sukuk, therefore, does not own a debt obligation owed by the bond issuer, but instead owns a piece of the asset that’s linked to the investment. This means that sukuk holders, unlike bond holders, receive a portion of the earnings generated by the associated asset. Hence, financing can only be raised for identifiable asset, this means an asset whose commercial value can be measured.
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Publication date: March 01, 2023
This week, on February 27th 2023, the European Commission and the Government of United Kingdom had reached an agreement. The Windsor Framework, as it is named, is a new way forward for the Protocol on Ireland and Norther Ireland and is aimed to protect the Good Friday Agreement of 10 April 1998, including its subsequent implementation agreements and arrangements, in all its dimensions and in all its strands.
This new way forward rests primarily on new data sharing agreements, arrangements on customs, agri-food, medicines, VAT and excise, State aid / subsidy control, as well as specific instruments designed to ensure that the voices of the people of Northern Ireland are better heard on specific issues particularly relevant to the communities there. This new way forward differentiates between goods that are at risk of moving to the EU Single Market, and goods that are destined for final consumption in Northern Ireland. Building upon this distinction, the new way forward sets up two ways for goods to move from Great Britain to Northern Ireland. From this perspective, goods at risk of entering the EU Single Market will remain subject to full EU customs and Sanitary and Phyto-sanitary (SPS) procedures.
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