I feel that one problem is that transparency and independent oversight is not wanted by government or by businesses.
A public requirement for more transparent business practices may result from populations wanting to fight climate change. It's currently easy to release some data about emission reduction and how green a company is, when it's an estimation that nobody can reproduce (because access to the majority of the source data is privileged).
Regulatory punishment isn't realistic, because the companies involved are just massive and crucial for nations to even exist (e.g. petro-industry giants). Thus, only foreign companies get regulatory punishment.
The only lever here is a company not being able to do business without conforming to a certain base level of transparency. We already have nascent forms of transparency requirements in terms of non-proliferation of defense knowledge or equipment, some environmental laws and worker's rights requirements (e.g. child labor iirc).
But it will have to go much further in order for companies to be held to higher standards, to a degree that business intelligence is almost nonexistant and every customer can retrace the logistics chain of what they're consuming.
And that's sadly utopian, since any smaller company that publishes what contracts it has with which company (and is legally able to, due to new regulation) will not get new contracts, as long as there is competition that keeps silent.