- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Ruth Prickett2024-09-16T18:14:00
Most businesses think more about their products than what they come wrapped in, but a recent U.K. penalty against Czech brewery Budweiser Budvar indicates packaging is an increasingly important element in sustainability regulations.
Last month, the U.K.’s Environment Agency found the brewer failed to register for 18 years with the government as a producer of packaging waste under the Producer Responsibility Obligations (Packaging Waste) Regulations 2007. The company agreed to pay 414,000 pounds (U.S. $532,000) to charity to reflect the savings it had made by not complying in the first place, plus a 30 percent fine and agency costs.
“It’s important that businesses take responsibility for the packaging that they place on the U.K. market,” said Jake Richardson, a spokesperson with the agency, in an Aug. 15 press release. Richardson acknowledged Budweiser Budvar remedied its failure to pay its “rightful share” toward the recycling of its packaging.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
Discussions on the increasingly complex ESG rules in the EU were the crux of some conversations at Compliance Week Europe, a two-day conference in Amsterdam Oct. 15-16. The event brought together Compliance Week and its sister organization, the International Compliance Association, and more than 200 GRC professionals across industries.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
