The Transparency Act is a legal framework that regulates accountability and transparency in supply chains, especially within the EU.
This law requires larger companies and public entities to provide insight into how they manage social and environmental risks in their supply chains.
Companies covered by the Transparency Act must actively identify, evaluate and address risks related to their supply chains. This can include aspects such as human rights, working conditions, environmental impacts and ethics. The law emphasizes the need for transparency around these issues, and companies must report on the measures they take to ensure ethical and sustainable practices throughout the value chain.
In order to comply with the Transparency Act, businesses must establish robust systems for data collection and reporting. This may involve implementing policies, tools and processes to collect, evaluate and report information on supplier practices and impacts.
Bolaks Group has developed various policies and procedures to comply with the Transparency Act, including our Anti-Corruption Policy, Supplier Procedure and Approval, as well as our Supplier Audit Procedure. All of our suppliers that are classified as material must commit to following our guidelines, via our supplier self-declaration. We audit a random selection of suppliers annually, and suppliers who do not live up to our strict requirements lose their approval and can no longer be used.
More information about how we manage supply chain risk and our compliance with the Transparency Act can be found in our Transparency Act can be read in our Statement according to. Transparency Act.
