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C 211/2

EN

Official Journal of the European Union
16.6.2023

Minimum safeguards under the EU Taxonomy Regulation
1. What role do the minimum safeguards play in the EU Taxonomy Regulation?
The Taxonomy Regulation provides that an economic activity can only qualify as environmentally sustainable if, in addition to meeting the other requirements of Article 3 3, it is carried out in compliance with the minimum safeguards laid down in Article 18. This is in line with the principles enshrined in the European Pillar of Social Rights in support of a sustainable and inclusive growth, as well as with the relevant international minimum human and labour rights standards.
The minimum safeguards are therefore an integral part of the Taxonomy and are one of the four criteria laid down in Article 3 which must be met for economic activities to be considered environmentally sustainable. The inclusion of minimum safeguards in the Taxonomy framework aims to ensure that entities carrying out economic activities considered as Taxonomy-aligned meet certain minimum social and governance standards.
In other words, the purpose of the minimum safeguards under the Taxonomy Regulation is to prevent activities and investments from being regarded as sustainable if they involve breaches of key social principles and human and labour rights or do not align with minimum standards for responsible business conduct.

2. How are the minimum safeguards defined under the Article 18 of the EU Taxonomy?
Article 18 of the Taxonomy Regulation lays down specific requirements for minimum safeguards referring both to international standards of responsible business conduct under Article 181 and to the principle of do no significant harm of the SFDR 4 under Article 182.
Under Article 181, minimum safeguards are to be understood as due diligence and remedy procedures implemented by a company that is carrying out an economic activity in order to ensure alignment with the Organisation for Economic Cooperation and Development Guidelines for Multinational Enterprises OECD MNEs and the UN Guiding Principles on Business and Human Rights UNGP. The latter includes the principles and rights set out in eight of the ten fundamental conventions identified in the International Labour Organization ILO Declaration of the on Fundamental Principles and Rights at Work 5 and the International Bill of Human Rights 6.
The OECD Guidelines for Multinational Enterprises bring together all thematic areas of responsible business conduct and responsible supply chain management. It also recommends that enterprises apply good corporate governance practices, including due diligence 7 as set out in the OECD Principles of Corporate Governance.
The UN Guiding Principles on Business and Human Rights ispecify a standard of conduct for businesses to prevent humanrights violations; and ii address any potential risks resulting from the economic activities that businesses conduct. The responsibility of business entities to respect human rights refers to internationally recognised rights understood, as a minimum, as those expressed in eight of the ten fundamental ILO conventions and in the International Bill of Human Rights 3 The four criteria laid down in the Article 3 of the Taxonomy Regulation specify that an economic activity shall: a contributes substantially to one or more of the environmental objectives set out in Article 9 in accordance with Articles 10 to 16; b does not significantly harm any of the environmental objectives set out Article 9 in accordance with Article 17; c is carried out in compliance with the minimum safeguards laid down in Article 18; d complies with technical screening criteria that have been established by the Commission in accordance with Article 10 3, 113, 122, 132, 142 or 152.
4 Regulation EU 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector OJ L 317, 9.12.2019, p. 1.
5 The core conventions of the International Labour Organisaiton are: Freedom of Association and Protection of the Right to Organise Convention, 1948 No 87; Right to Organise and Collective Bargaining Convention, 1949 No 98; Forced Labour Convention, 1930 No 29
and its 2014 protocol; Abolition of Forced Labour Convention, 1957 No 105; Minimum Age Convention, 1973 No 138; Worst Forms of Child Labour Convention, 1999 No 182; Equal Remuneration Convention, 1951 No 100; Discrimination Employment and Occupation Convention, 1958 No 111.
6 This includes: Universal Declaration of Human Rights 1948; International Covenant on Civil and Political Rights 1966; and International Covenant on Economic, Social and Cultural Rights 1966.
7 See also specific OECD Due Diligence Guidance for Responsible Business Conduct 2018 and OECD sectoral guidance, available at:
https mneguidelines.oecd.org/mneguidelines/, which provides practical support to enterprises on the implementation of the OECD
Guidelines for Multinational Enterprises.