Finance should be excluded from sustainability law, says some EU states

A European Union draft law forcing large companies to check if their suppliers use slave or child labour is facing calls from several member

states to shield or even fully exclude the financial sector, EU documents seen by Reuters showed.

The European Commission, the EU's executive body, proposed the Corporate Sustainability Due Diligence directive (CSDDD) in February,

 which would also oblige boards of EU based firms to ensure that their business model and strategy align with targets limiting global warning.

EU states and the European Parliament have the final say, but the strength of unease among major member states means some changes are likely.

Luxembourg, Ireland and Germany have indicated they want to exclude asset managers and institutional investors from scope,

with France and Italy going further and calling for the entire financial sector to be left out, an EU diplomat familiar with the negotiations said.

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