Modern slavery reporting shouldn’t be a “tick the box” exercise, but new research from the Australian Council of Superannuation Investors confirms our concerns at Safetrac that many companies are failing to comply with disclosure requirements.
The research found that 151 of the top ASX 200 companies examined were following a “race to the middle” approach to modern slavery reporting by disclosing only the minimum and not wishing to reveal more than their key peers. Around 33 per cent of the companies’ statements were “potentially non-compliant” with one or more of the Modern Slavery Act’s requirements.
Companies that fail to identify and properly report their modern slavery risks face serious reputational and financial risks. Safetrac offers a comprehensive modern slavery reporting system as well as a course that teaches users how to understand what modern slavery is, the current legislation, the impact to the business and steps in prevention.
Read more about this research in the Australian Financial Review’s article, Big companies in ‘race to the middle’ on slavery reporting.
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