SENEGAL Trends and Developments Contributed by: Khaled Abou El Houda, Chadi Safieddine and Dieudonné Désiré Diouf, Houda Law Firm
To achieve its CSR objectives and address new social and environmental challenges, the French legislature has intervened on several occasions to indicate what responsible behav - iour should be for large companies. In terms of legal incentives, France has had to transpose the new Directive (EU) 2022/2464 of 14 December 2022 (the “Corporate Sustainability Reporting Directive” (CSRD)) into national law. The CSRD determines the scope of sustainability informa - tion that certain companies must publish in their management reports (including a sustainability statement), according to a phased timetable. Ultimately, Senegalese law-makers could draw inspiration from certain foreign laws that are well ahead of the curve on this issue and which define the terms and conditions for implementing CSR.
They could also draw on CSR models to instil certain values and obligations in companies. Finally, the establishment of a clear legal frame - work will enable companies and other investors to distinguish CSR from local content require - ments (ie, the obligation to allocate a minimum percentage of capital to local Senegalese share - holders) or the obligation for extractive com - panies to contribute to the Local Community Development Support Fund ( Fonds d’Appui au Développement Local , or FADL). These require - ments and obligations are mandatory and not incentive-based.
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