Modern slavery risk oversight

Wednesday, 01 January 2020

Modern slavery can occur in every sector and industry and, like many human rights violations, is often ‘hidden in plain sight’. The International Labour Office, Walk Free Foundation and International Organization for Migration estimate there are approximately 40 million victims of modern slavery around the world. Given the prevalence of modern slavery globally, it is highly likely that Australian businesses are exposed to modern slavery risks.

To address this global human rights issue, the Australian Government passed the Modern Slavery Act 2018 (Cth) (Act), which entered into force on 1 January 2019.

The new law requires Australian businesses to provide a statement on modern slavery risks in their operations and supply chains and take steps to address these risks.

Importantly, directors are required to approve the statement, and so directors must educate themselves about modern slavery and what is required of them and their entity under the Act.

This tool summarises the legislative framework for directors and the questions are designed to provide practical guidance to assist directors in their oversight role of modern slavery risks in their operations and supply chains.

The AICD encourages directors and entities to promote ethical business practices and eradicate modern slavery in their operations and supply chains. We suggest that directors use these questions in their engagement with management and as a point of reference when reviewing and evaluating their entity‘s annual modern slavery statement.

Latest Director Tools

This is of of your complimentary pieces of content

This is exclusive content.

You have reached your limit for guest contents. The content you are trying to access is exclusive for AICD members. Please become a member for unlimited access.