Sue Trezise – Sue-lutions Ltd
The Commonwealth Modern Slavery Act 2018 (the Act) has been in force since 1 January 2019. The Act applies to entities carrying on business in Australia with an annual consolidated revenue of at least $100 million.
Reporting obligations mean the entity must prepare annual Modern Slavery Statements setting out the actions to assess and address modern slavery risks in their global operations and supply chains. Reporting is mandatory and the statements will be publicly available.
New Zealand businesses operating in Australia will be directly affected by the legislation, while those who supply to Australian companies will also be impacted. While no financial penalties apply for non-compliance at this stage, there is potential for significant reputational damage.
You can view the full article here.
This is taken from an article published in the RiskPost June 2020, edition 1.