The State of ESG in Antitrust in Europe

The interplay between ESG and competition law has gained increasing attention not only in academia but also in competition law enforcement practice. The complexities of this interplay in an ever-increasing regulatory environment pose significant challenges for companies. They raise complex legal, economic and public policy questions that make both enforcement and compliance a true challenge. That is also why companies, enforcers and legislators alike are turning their attention towards these issues. But what exactly are these challenges and how can the somewhat conflicting interests of ESG and competition law be aligned? In this article, we shed some light on these issues and point out what to look out for in times where compliance with ESG and competition law has become particularly challenging.

By Christian Ritz, Benedikt Weiß & Tim Büttner^[1]

I. INTRODUCTION

“ESG,” short for “environmental, social, and governance” values, have gone from being a mere buzzword to being both an asset and a challenge for many companies within just a few years. Investors, consumers, and other stakeholders are paying increasing attention to the fact that companies are taking these criteria seriously when taking business decisions. It is thus not surprising that ESG has become a defining feature of modern corporate strategies. From the introduction of travel policies and recycling rules to increasing boardroom diversity and corporate ESG strategies, ESG has and will c