As of July 1, 2022, the Transparency Act came into effect in Norway. The primary objective is to encourage businesses to uphold fundamental human rights and ensure decent working conditions within their business relationships and supply chains. A significant aspect of this law is to ensure public access to information regarding these matters and how companies address them.
Alongside other measures, the legal requirement is intended to contribute to Norway's efforts to meet and comply with UN Sustainable Development Goal number 8 on decent work and economic growth, as well as goal number 12 on responsible consumption and production. The essence of the law revolves around the obligation to conduct and report on due diligence assessments. These assessments require businesses to identify potential adverse impacts on fundamental human rights and decent working conditions associated with production and supply chains, implement improvement measures, monitor progress, and provide reports.