1st of January 2019 sees the launch of Australia's Modern Slavery Act which builds on Californian and UK transparency in Supply Chains legislation
The Act requires all organisations based or operating in Australia with a consolidated revenue of A$100 million to report annually on the risks of modern slavery in their operations and supply chains. It offers the toughest measures to date in national legislation for tackling non-compliance.
Large businesses and public entities will have to report on what action they are taking to analyse and address modern slavery risks, and the extent to which their responses have been effective. Smaller businesses will have the option to report voluntarily. The statement has to be approved by the board of directors or equivalent and signed by a director.
The Act builds on previous legislation by requiring public procurement bodies to report alongside private companies. It will also provide a central, freely-accessible register of statements along with a stricter reporting criteria. This criteria includes six mandatory areas of reporting, alongside other relevant information. This tighter approach is intended to facilitate a better comparative platform for public scrutiny, where both gaps and good practice can be clearly identified.
Learn more about the Act and how we can help your business respond.