Businesses with an annual consolidated revenue of $100M or more are required to prepare a Modern Slavery Statement and lodge it with the regulator where it will be published online in a central register. The deadlines for reporting have been amended due to COVID-19, with Statements due to the regulator by 31 March 2021. ACAPMA has launched a series of guided workshops to assist members in understanding the requirements and developing their own Statements giving consideration to the nature of the industry and the special circumstances of the member business. The workshops complement a detailed Modern Slavery Guide to be provided to attendees.
The Modern Slavery Act 2018 came into force on 1 January 2019 and requires all businesses with an annual consolidated revenue of $100M or more to produce a Modern Slavery Statement and provide it to the regulator.
Modern Slavery Statement must set out the businesses actions to assess and address modern slavery risks in their global operations and supply chains. The Statements are then published through an online central register
Modern Slavery Statements for the 2019/2020 financial year are now due to be submitted by 31 March 2021.
What is Modern Slavery?
Modern slavery describes situations where offenders use coercion, threats or deception to exploit victims and undermine their freedom.
Practices that constitute modern slavery can include:
- human trafficking
- forced labour
- debt bondage
- forced marriage, and
- the worst forms of child labour
Modern slavery is a term used to describe serious exploitation. It does not include practices like substandard working conditions or underpayment of workers, though these practices are also harmful and may be present in some situations of modern slavery. For further information on workplace rights and obligations in Australia, please visit the Australian Government Fair Work Ombudsman website.
Modern slavery can occur in every industry and sector and has severe consequences for victims. Modern slavery also distorts global markets, undercuts responsible business and can pose significant legal and reputational risks to entities.
Businesses have a responsibility to respect human rights in their operations and supply chains, as outlined in the United Nations Guiding Principles on Business and Human Rights. This includes taking steps to assess and address modern slavery risks.
Taking action to combat modern slavery also makes good business sense. Businesses that take action to combat modern slavery in their operations and supply chains can protect against possible business harm and improve the integrity and quality of their supply chains.
They can also increase profitability, investor confidence and access to financing opportunities.
The Australian Government is taking a global leadership role in combating modern slavery. There is no place for modern slavery in the Australian community or in the global supply chains of Australian goods and services.
ACAPMA Workshops and Guide
ACAPMAs Employment Department is running a series of guided Modern Slavery Workshops for ACAPMA Members who meet the reporting requirements (annual consolidated revenue of $100M or more). The number and dates of these sessions will depend on the number of attendees.
At this point a session has been planned for each Friday through January and February 2021. Given the still uncertain nature of travel at the moment these sessions.
All attendees will be provided with the ACAPMA Modern Slavery Guide and assistance with drafting and reviewing their own Modern Slavery Statement.
ACAPMA Members that will meet the reporting requirements are encouraged to register thier interest now as the numbers of attendees in each session are limited to allow detailed exploration.
Register your interest via; email@example.com