Walk the walk – Maria Cronin and Cécile Nicod in Governance + Compliance
With more and more brands sprucing up their green credentials when marketing their wares in a bid to attract environmentally conscious customers and funders, it was only a matter of time before ESG regulation was going to escalate around the world, with authorities and non-governmental bodies slowly but surely homing in on corporates involved in potential ‘greenwashing’.
In this article for Governance + Compliance, Maria Cronin and Cécile Nicod, discuss the recent decision by the UK Competition and Markets Authority (CMA) to investigate three fashion brands – ASOS, Boohoo and George at Asda – and examine their green claims.
The article examines what the probe involves, how it will be conducted and what considerations will apply, as well as the potential reforms to give the CMA new powers and what these would mean for greenwashing claims should they be brought into effect.
The article also reviews enforcement actions in other jurisdictions and offers helpful advice in terms of the strategies corporates should be deploying to avoid the wrath of the regulator.