Signing off on modern slavery statements

Friday, 01 January 2021

A data breach of scale can be a crisis. If it is not well-managed, it can cause substantial damage to a company and its directors both financially and in terms of reputation. It can also have serious regulatory implications. 

With the Modern Slavery Act 2018 (Cth) (Act) applying for Australian companies’ first financial year commencing after 1 January 2019, many businesses are currently in the process of preparing and submitting their inaugural modern slavery statement.

Under the 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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