Numerous companies have engaged for decades - on a voluntary basis – to ensure observance of fair-trade standards, human rights due diligence, and environmental protection, taking responsibility for their supply chains, guided by international frameworks such as the Guiding Principles on Business and Human Rights (“UNGPs”) and the UN Sustainable Development Goals (“UN SDGs”).

Recently, legislators worldwide are increasingly debating and passing legislation to turn voluntary standards into hard law at the sectoral level and beyond, such as...