MEP Asimakopoulou stated that the EU’s new proposal on corporate due diligence and corporate accountability needs to enable small business like those in Kastoria to focus only on most relevant risks. As this could make a significant difference in the time and resources needed to perform quality and relevant due diligence activities.

Furthermore, MEP Asimakopoulou highlighted that a one-size-fits-all approach will overburden SMEs and appealed for flexibility for SMEs. MEP Asimakopoulou urged the proposal to be proportionate to the size of the business as they lack the resources of big multinationals.

MEP Asimakopoulou noted that many businesses already follow voluntarily standards or international standards from the UN and the OECD, amongst others. So the EU’s framework should set a number of horizontal measures in line with these global standards and at the same time recognize industry-led due diligence best practices.

In addition, MEP Asimakopoulou called for a level playfield in corporate due diligence as third countries could take advantage of new requirements placed on EU businesses. Therefore, the proposal needs to be applicable to all companies that conduct business within the EU.

MEP Asimakopoulou affirmed, “By focusing on each industries most relevant risks can increase the quality of a business’ due diligence approach whilst reducing the burden on SMEs by not turning due diligence into an meaningless box ticking exercise.”

MEP Asimakopoulou stated that the EU should “A cocoa producer and a furrier have completely different risks and supply chains, therefore both of them cannot be asked to perform due diligence in the same manner”.

MEP Asimakopoulou was speaking at a Sustainable Fur Forum panel event entitled “Transparent, Traceable, Accountable: Fur Sector Takes the Lead in Due Diligence” on the 16th November. Taking part in the panel discussion were Mark Oaten, (International Fur Trade Federation), Sévérine Pinault Dennequin, (FENDI), Corinne Cavallin, (FENDI) and Alexander Ellebracht (ChainPoint).