Modern Slavery Act 2015
Today the UK Government has confirmed that all companies with annual revenues of £36m or more will have to report against the transparency in supply chains requirement of the Modern Slavery Act.
This means that from October 2015 at least 12,000 companies, both those based in the UK and international firms with UK operations who meet the revenue threshold, will need to produce an annual modern slavery statement covering the steps they have taken to ensure there is no modern slavery in either their supply chain or their own operations.
Will the Modern Slavery Act achieve a level playing field for businesses and decent work in their supply chains?
This March saw the passing of the Modern Slavery Act in UK parliament. It includes a transparency in supply chains clause requiring large companies to publish an annual public statement on modern slavery. This should detail evidence of what actions they have taken to eliminate the risk and presence of modern slavery in their business or supply chains. The minimum threshold of profit, as well as the specific content that will need to be covered in the report is still being decided, but it will certainly include international companies with significant revenues in the UK, regardless of where they are based.