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Are You Compliant with the Transparency Act Requirements?
The Transparency Act, introduced in 2023, aims to ensure responsible supply chains by providing the public with access to information on how businesses address negative impacts on fundamental human rights and decent working conditions.
Companies covered by the Act are required to conduct due diligence assessments, publish a statement on these assessments, and provide information to anyone who submits a written request. The process for conducting due diligence should be integrated into the company's annual cycle and updated regularly in response to significant changes. The due diligence statement must be published on the company’s website annually by June 30th.
We can assist with
- Determining whether your company is subject to the Transparency Act
- Establishing procedures and processes to ensure compliance with the Transparency Act
- Reviewing your statement and providing suggestions for improvement
The Transparency Act applies to all businesses that do not fall under the definition of small enterprises according to the Accounting Act and that engage in the sale of goods and services either within or outside Norway. This mainly includes public limited companies, listed companies, and companies that meet at least two of the following three criteria:
- Revenue: NOK 70 million
- Balance sheet total: NOK 35 million
- Average number of employees during the fiscal year: 50
Additionally, the Act applies to foreign companies offering goods and services in Norway, provided they are tax liable in Norway and meet the specified thresholds.
For more information about the Transparency Act here (Norwegian only).
