The involved parties developing international covenants are working hard to get a green light in December, Netherland’s trade minister said in a letter to the government.

The Dutch House of Representatives held a general consultation on International Corporate Social Responsibility (IMVO) covenants on 14 November, to allow international outsourcing of corporate lending.

The Minister for Foreign Trade and Development Cooperation at the House of Representatives, Sigrid Kaag, said in a letter that it is too early to provide insight on the concrete approach to risks concerning people, and the environment that have come from due diligence of member companies.

Kaag said the pension fund covenant is ready for approval by the parties, which will be decided in December at the general members meeting.

Together with the pensions association Pensioenfederatie, Kaag pointed out that with a positive decision, the implementation will begin early 2019.

IMVO covenants will be evaluated in the autumn of 2019, where it will be examined which concrete results have been achieved in the seven agreed covenants and the six currently under development.

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