The Commonwealth Modern Slavery Act (2018) requires entities with an annual revenue of $100 million to publicly report on their efforts in this regard. NSW has also introduced legislation for companies with revenue above $50 million.
It is crucial that directors understand the reporting requirements and the due diligence processes needed to enable effective reporting. The actions businesses take in the coming months will lay the foundation for their first public modern slavery statement.
"Knowledge is crucial. Boards need to turn their minds to modern slavery and understand this is now a core business risk that they must address. This new public accountability will drive change but we also need to support the Australian business community to learn together."
Dr Meg Brodie, Director, KPMG Banarra Human Rights & Social Impact Services
At this important event series, our panel of experts will explain how the legislation affects you and how your business can prepare for the new reporting requirements.
Panellists will discuss:
- The modern slavery mandatory reporting requirements and the board’s responsibilities
- How to identify your material modern slavery risks and build policies, systems and processes to manage them
- Assessing the reporting readiness of your business
- Practical responses to the reporting requirements
- Implications of not producing a statement
- Expected civil society, consumer and investor scrutiny and benchmarking of business reporting
"Understanding and addressing modern slavery risks in your business requires a shift in focus and mindset, from risks to business to risks to people"
Padma Raman, Chief Executive, Australian Human Rights Commission.