On 22 March 2023, the European Commission published a proposal for a Directive on Green Claims. The proposed Directive aims to tackle false environmental claims by ensuring that consumers receive reliable, comparable and verifiable environmental information on products and services across the European Union. By laying down clear criteria on how companies should evidence environmental claims, along with mandating an EU labelling scheme and new enforcement procedures to secure compliance, the Directive on Green Claims is designed to enable better environmental decision-making by consumers and to reduce so called “green washing” (spurious environmentally friendly claims). However, it will likely still be some time
Kinstellar supports professional growth by offering a broad range of career development opportunities for our team including Sector/Service line head or co-head roles. We provide growth opportunities to all of our talented lawyers with relevant experience and who have an outstanding track record. We believe in an inclusive recruitment process where we create an equitable application, interview and selection process. We are delighted to announce the appointments of the following sector and service line heads: Müfit Arapoğlu, a Partner in the Istanbul office, is the firm-wide Financial Institutions (non-transactional) Sector Co-Head and the firm-wide Head of Banking, Finance & Capital Markets (service line).
The Czech Republic has adopted legislation on reducing the environmental impact of selected plastic products (along with another act amending existing regulations). The respective acts introduce several types of measures – in particular a complete ban on certain single-use plastic items and restrictions on the production of other plastic products; or granting financial support to municipalities. The acts implement the EU’s Directive on single-use plastics – albeit more than one year late. The new laws enter into force on 1 October 2022; but the various obligations become effective as of 1 January 2023, or 1 January 2024, or 1 July 2024, respectively – or, in some cases, even later, such as in 2030. Please
Vedran Kopilović, a Managing Associate at Kinstellar’s Zagreb office, participated in a virtual roundtable to discuss the latest in ESG developments with a focus on green financing—its regional and local drivers and roadblocks, its impact on non-financial reporting, and what it all means for the legal profession. The event took place on 12 July 2022 and was organised by CEE Legal Matters and moderated by CEE Legal Matters Managing Editor, Radu Cotarcea. Vedran highlighted that while the legal framework is solid on paper, “the reality of inflation, the war in Ukraine, and even the pandemic have created setbacks.” He went on to explain that, “a certain amount of sustainability-linked loans were offered by commercial
Bulgarian law requires that the directors of Bulgarian joint-stock companies perform their functions as directors by adhering to the “duty of care” standard of a prudent businessperson and always in the interest of the company and its shareholders. If a director fails to comply, they could be held liable for any damages caused to the company. The required duty of care standard is not easily reconciled with the current shift in corporate governance towards compliance with material ESG factors. While important for all stakeholders (e.g., employees, customers, vendors, and the communities where the company operates), ESG compliance could trigger additional financial costs and potentially be an obstacle to maximising profits.
Kinstellar is delighted to announce the promotions to Partner of Nina Tsifudina (Sofia) and to Counsel of Atanas Mihaylov (Sofia). PARTNER Nina Tsifudina, Sofia Nina has over 14 years of experience advising on large international transactions. She is counsel to local and multinational companies on a wide range of commercial matters and cross-border deals, reorganisations and market-entry strategies, with a focus on the TMT, pharma and financial services sectors. She also represents private equity and venture capital firms on acquisitions, disposals and restructurings, as well as portfolio companies on all corporate matters. Nina is highly experienced in all employment aspects of multi-jurisdictional