At Inck, we take our Corporate Social Responsibility seriously, and we are firmly behind any action that improves industry practice. To find out what the recently passed ‘Modern Slavery Act’ might mean for your business, here are the key facts:
- The Modern Slavery Act was passed by the House of Representatives in November 2018 and took effect from January 1st 2019.
- The Modern Slavery Act requires Australian businesses with consolidated revenue of $100 million + to report annually on the risks of modern slavery within their operations and supply chains. They are required to outline the actions they have taken to address those risks and report on the effectiveness of these measures. Statements will be made publicly available on a central register maintained by the Commonwealth. Smaller businesses will be able to report voluntarily.
- The first modern slavery statements are due on June 30, 2020.
- The legislation is the first in the world that will require government departments to address slavery within their own supply chains.
- NSW also passed its own Modern Slavery Act with a lower revenue reporting threshold of $50 million. Businesses who fail to comply can be penalised, with fines of up to $1.1 million. Although this act has been passed, it doesn’t become law until it is proclaimed by the State Government and it has currently been deferred indefinitely.
Want to ensure your company is up to speed on the latest industry changes? Need help with your modern slavery reporting? Talk to the team at Inck – The Branded Merchandise Specialists.
(Image source: https://www.cfr.org/interactives/modern-slavery/#!/section1/item-1)