Businesses with a £36m+ turnover will have to report on slavery in their supply chains, the UK government has announced.
The government, which consulted on the threshold level as part of the Modern Slavery Act, said the new reporting requirements would come into force this October.
The measure will apply to all large firms who do business in the UK and have supply chains elsewhere in the world. The reporting statement must describe the steps they have taken to ensure slavery and human trafficking is not taking place in their supply chains.
Commenting on the corporate reporting requirements of the modern slavery act, Michael Littlechild, director of GoodCorporation said: “While no business sets out to incorporate slavery into its operations, it would be a brave CEO who would say with certainty that there was no forced labour any where in the supply chain. The requirement to report therefore should be welcomed as it will encourage companies to take a responsible and proactive stance in this area.
Read the article full in Ethical Performance
With public trust remaining fragile, the IBE and CISI have relaunched the Investing in Integrity charter mark which is audited by GoodCorporation. Debbie Ramsay talks to Ethical Performance about how the GoodCorporation audit works as part of an article on…
Opinion: The truth about bribery and corruption LLoyds Loading List – 20 August 2012