Identifying Modern Slavery
With the passing of the Modern Slavery Act in 2018 businesses operating in Australia with an annual consolidated income of over $100 million are required to report on the risk of modern slavery in their supply chain. Reports are uploaded to the Online Register for Modern Slavery Statements.
The Monash Centre for Financial Studies has recently ranked the Modern Slavery Statements for the 100 largest listed companies on the ASX. This research revealed Woolworths, Fortescue Metals, Wesfarmers, Westpac and Ansell all leading the way. The most common modern slavery risks mentioned in statements related to forced labour, child labour and debt bondage. The research report provides recommendations for businesses, investors and regulators. In the concluding remarks the report notes “the quality of disclosure signals the level of commitments and efforts that the companies have put in managing these risks.”
The complete report may be viewed here.