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On 29 November 2020 Swiss citizens will vote on the Responsible Business Initiative (Initiative pour des multinationales responsables / Konzernverantwortungsinitiative).

The Responsible Business Initiative (the Initiative) proposes a new due diligence obligation for Swiss-based large companies as well as a liability provision to hold them accountable for human rights and environmental violations made abroad by controlled companies. 

On 29 November 2020 the Swiss people will vote on the Responsible Business Initiative. The Initiative proposes a due diligence obligation for Swiss-based multinational companies as well as a liability provision to hold them accountable for human and environmental rights violations abroad.

On 29 November 2020 Swiss citizens will vote on the Responsible Business Initiative (Initiative pour des multinationales responsables/ Konzernverantwortungsinitiative).

The Responsible Business Initiative (the Initiative) proposes a new due diligence obligation for Swiss-based large companies as well as a liability provision to hold them accountable for human rights and environmental violations made abroad by controlled companies. This initiative has caused a heated debate over the last months as the Swiss people approach the polling stations.

Today, 8 September 2020, the Swiss Federal Data Protection and Information Commissioner ("FDPIC") issued a press release announcing it no longer considers the Swiss-US Privacy Shield regime to provide an adequate level of data protection. The FDPIC has taken its time to consider the July 2020 Schrems II decision by the Court of Justice of the European Union ("CJEU"), which found the EU-US Privacy Shield to be inadequate. It has now issued this decision on the basis of its own annual assessment of the virtually identical Swiss-US Privacy Shield.

Startups often forget to incorporate appropriate transfer restrictions in their shareholder agreements. In our conversation with Juan Fernando Baron of Rele.ai, we are exploring the various forms of transfer restrictions, such as the right of first refusal, drag-along and tag-along rights, purchase options with triggering events as well as permitted transfers, and are discussing the benefits of incorporating them into a startup's shareholder agreement early on.