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"Board approval of modern slavery statements is a critical governance mechanism that elevates modern slavery from a compliance issue to a matter of strategic oversight. Director sign-off promotes accountability, transparency and meaningful engagement with modern slavery risks across an organisation's operations and supply chains.”
Under the Modern Slavery Act 2018 (Cth)(Act), modern slavery statements are required to be approved by the board and signed by a director. While this approval is often straightforward for companies reporting on a standalone basis, in the context of larger corporate groups the complexity and risks for boards are significantly higher.
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