Anti-slavery best practice guide launched by ACSI and RIAA
A best-practice guide to combat slavery has been launched by the Australian Council of Superannuation Investors (ACSI) and Responsible Investment Association Australasia (RIAA), to help follow requirements of the Modern Slavery Act 2018.
The new act had requirements for organisations for reporting the risks of modern slavery in their operations and supply chains.
The guide provided information on how to incorporate investments into their modern slavery reporting and address modern slavery risks.
Louise Davidson, ASCI chief executive, said the guide would help investors report under the act as modern slavery was likely to exist in the operations or supply chains of most businesses.
“ACSI and RIAA have collaborated to ensure investors have a clear path on how to tackle these issues and promote sustainability in their operations and supply chains,” Davidson said.
Simon O’Connor, RIAA chief executive, said they encouraged superannuation funds, fund managers and other investors to use this guide to strengthen their own reporting under the new law.
“The guide builds on the work of ACSI and RIAA’s members to highlight the importance of business recognising and managing human rights in investment operations and portfolios,” O’Connor said.
Jason Wood, Assistant Minister for Customs, Community Safety and Multicultural Affairs, said the investor community had a vital role to play in combatting modern slavery.
“This guidance complements the Government’s official guidance and will provide a useful resource to support investors to meet their obligations under the Modern Slavery Act,” Wood said.
AUTHOR
Chris Dastoor
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
