The new law aims to provide a common standard and reinforce legal obligations for goods and service companies inside or outside Norway to comply with regulations relating to human rights and decent working conditions.
Passed by the Norwegian parliament in June 2021, the Transparency Act (Transparency Act) will take effect on Friday, July 1, 2022. The measure is aimed at promoting and safeguarding fundamental human rights and decent working conditions in Norwegian goods and services companies operating inside and outside the country.
The law is anchored in a number of international obligations, such as the UN Guiding Principles on Business and Human Rights (UNGP), the Organization for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises, as well as the UN sustainability goals. . The new law also aims to ensure that the general public has access to information on how companies deal with negative consequences for fundamental human rights and working conditions.
The legislation, which will be implemented next month, is in line with Norway's governance principles. According to the Norwegian Embassy in Brazil, transparency, trust and civic engagement are fundamental factors in the country's society. In a survey released in 2021 by the OECD, 77% of the Norwegian population considered the country's government to be reliable, a rate that has remained high since the 1960s.
According to the United Nations Development Program (UNDP), the country holds the highest Human Development Index (HDI) in the world – a position it has held since 2000. About the relationship between Norwegian government practices and development of the country's society, professor and influencer Mauro Calil highlighted: “Governance practices such as transparency, equality and equal opportunities go hand in hand. One causes the other, which strengthens the first and creates a virtuous circle where every society wins as well as the rulers”. The professor presents the fourth episode of the webseries “Essências da Norway”, a campaign promoted in the Instagram of the Embassy of Norway in Brazil, which deals with the pillars of the Scandinavian country.
In addition to the Transparency Law, the new episode - which premieres on July 29 - will also address the country's governance principles, the investments made by Norway in Brazil (the country's largest export market outside Europe) and the different initiatives proposals to promote the confidence and credibility of the Norwegian government. Previous episodes on Gender Equality and Diversity, Technology & Sustainable Energy and Culture and Hospitality can also be checked on Instagram of the Norwegian Embassy in Brazil through link.
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