What is a modern slavery statement? 

Modern slavery legislation is now prevalent all over the world and is continuing to grow and develop. In 2015, the UK Government introduced the ‘Modern Slavery Act (2015)’, a ‘first of its kind’ piece of legislation aimed at combatting modern slavery.

As part of the act, the government introduced a requirement for certain commercial organisations to publish something called a ‘Modern Slavery Statement’ annually.

The aim of the statement is for the organisation to outline the steps they have taken in that year to combat modern slavery in their own operations as well as their supply chain’s.

As part of their modern slavery statements, organisations are required to:
• Publish and update the statement annually.
• Make it publicly available on their website or online.
• Have the statement approved by their Board or similar management body.
• Have the statement signed by a Director or equivalent.

Producing a statement isn’t applicable to every company. A company is required to comply with the act if they meet the following criteria:
• A commercial organisation operating in the UK (supplying goods or services to or from the UK included).
• Have a turnover of £36 million or more.

It is up to the organisation to determine if the legislation applies to them or not.

Failure to comply with this can not only result in legal consequences for the organisation but many other issues. Companies can see huge reputational damage if not seen to be taking action to manage and mitigate modern slavery risks in their operations and supply chains.

As part of producing a statement, companies will be undertaking a risk assessment of their operations and supply chain. This will help companies improve their risk management process, helping to protect them from associated legal, reputational and financial damage.

Also, with modern slavery being such a serious global issue and with many companies having operations all over the world, companies have an ethical responsibility to ensure they are taking these issues seriously throughout their business.

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