The NSW Modern Slavery Act will bring most large NSW (and indeed Australian) businesses into line with global practice in supply chain reporting. What you need to do know to comply with your Modern Slavery reporting requirements. British Constructional Steelwork Assoc Ltd. To be released in regulations, but expected to be similar to Federal regime. The Modern Slavery Act 2018 (NSW) (NSW Act) requires all entities that carry out business in Australia with a minimum annual revenue of 100 million AUD to annually report to an online central register on the risk of modern slavery in their operations and supply chains. For example, when entering into commercial transactions, such as mergers and acquisitions, or commercial dealings, such as supply or distributor arrangements, businesses should ensure that they have an opportunity to conduct due diligence on matters relating to modern slavery requirements and broader corporate social responsibilities. The Modern Slavery Act 2018 (Cth) (Commonwealth Modern Slavery Act) is a new piece of legislation designed to require medium to large companies (and government entities) doing business in Australia to take active steps to ensure that their operations and supply chains do not employ the use of slave labour. If you would like to learn how Lexology can drive your content marketing strategy forward, please email [email protected]. Corporate compliance officers always welcome the new year with a string of new regulatory compliance obligations close behind. This Act is the Modern Slavery Act 2018. Australian businesses will need to consider whether they will be subject to compliance . under the Australian regimes the statements will be freely accessible online via public registers. the Australian regimes will prescribe certain content that must be included in the statements, rather than a list of optional content; and. However, the upcoming deadlines for submission of modern slavery statements have recently been extended by the Commonwealth Government to account for the effects of COVID-19. The Act will introduce a modern slavery reporting requirement (extending to an entity's supply chains) designed to strengthen Australia's response to modern slavery. It is specifically designed to provide practical guidance on the supply chain reporting requirements set out in Australia's Modern Slavery Act. Please contact [email protected]. Information required in modern slavery statement. Commercial parties falling within the ambit of the Act should also review and, if necessary, amend their commercial contracts to ensure that the provisions facilitate compliance with the Act by, for example, expressly addressing the exchange of information required to complete a statement under the Act (including any reporting and audit requirements and provisions requiring suppliers and sub-suppliers to address the impact of COVID-19 on modern slavery risks). This could include reviewing existing company policies on anti-slavery, conducting an audit or due diligence on suppliers and supply contractors, taking any necessary steps to address any modern slavery risks identified and assessing the effectiveness of those steps. Sign up to receive the latest legal developments, insights and news from Ashurst. In particular, each statement must identify the reporting entity and describe: The reporting entity must ensure that the statement is approved by the ‘principal governing body’ of the reporting entity (in the case of a company, this would be the board of directors) and is signed by a ‘responsible member’ of the reporting entity.6 Once the statement is approved, it must be provided to the Australian Border Force (ABF), which will publish compliant statements on a central public online register. For the majority of Australian entities required to comply with the Modern Slavery Act 2018 (Cth) (MSA) the time to start implementing changes in their business to comply with the requirements . Signature Name Position Date March 30, 2021 DocuSign Envelope ID: B4164AFD-2E8E-4201-B607-9265A5B854D8 For the purposes of the NSW Act, a reporting entity is an entity which: It is likely that the NSW Act will provide entities with an exemption if those entities are subject to the MSA. Australia's (Modern Slavery Act Inquiry) interim report, which has provided 'in principle' support for 'mandatory annual modern slavery supply chain reporting requirements to apply, above a particular threshold, to companies, businesses, organisations (including religious organisations) and Governments operating in . The . Commonwealth Modern Slavery Act 2018 Page 8 of 96 1. These developments follow the introduction of a similar scheme in the UK in 2015. The Modern Slavery Act 2018 (Commonwealth) is here and all reporting entities are required to submit their Modern Slavery Statements within six months of the end of their financial year. Attorney Advertising. However, the MSA establishes various mechanisms to address non-compliance. These mechanisms are concerned predominantly with reputational repercussions. Under the new Commonwealth Modern Slavery Act, Australian businesses with an annual consolidated revenue of more than $100 million must report on their risk of modern slavery. The Modern Slavery Act 2018 (Cth) (MSA) is now officially law in Australia.. On 10 December 2018, the Modern Slavery Bill received royal assent after passing both houses in the Federal Parliament.This follows the Bill's successful passage through the NSW Parliament in June earlier this year and the overwhelming support to create Australia's first laws to tackle modern slavery. Qantas, in its 2017 Statement, communicated the business’ salient human rights priorities, which included a commitment to the introduction of its Supply Chain Assurance Program (the Program) to identify, assess and mitigate any risk of modern slavery in its supply chains. Each Statement must contain the following information, in respect of a reporting entity: Generally, whether information should be included in a Statement is likely to be determined (having regard to confidentiality requirements) by factors, such as the industry sector in which the reporting entity operates, the complexity of the reporting entity’s group corporate structure and supply chains, and/or the jurisdictions in which the reporting entity’s suppliers conduct business. The Act establishes a mandatory reporting regime for entities: with consolidated revenue of at least A $100 million in the reporting period, and The organisation must make the modern slavery statement publically available (in accordance with regulations). The ABF recently issued an information sheet to assist entities to reduce the risk of modern slavery and to address the impact of COVID-19 in their modern slavery statements. It is important that entities falling within the ambit of the Act continue to take steps to marshal the necessary information required to fulfil their reporting obligations under the Act, and that they allow sufficient time to develop and implement actions to assess and address modern slavery practices notwithstanding the impact of COVID-19. The Act is already in force and reporting requirements differ depending on . Our personal approach, technical expertise, local knowledge and global network enable us to deliver an experience that other professional service providers find hard to match. In brief. Any entity that carries on business in Australia with an annual consolidated revenue of AUD$100 million or more has an obligation to prepare a Statement. how COVID-19 is affecting their ability to assess the effectiveness of their actions and consult with their subsidiaries (if applicable). Commonwealth Government departments are also required to comply with the Act. The Statement relates to the supply chains and operations of Lorna Jane Pty Ltd - ABN 91 065 384 616 ('Lorna Jane'). Senate recommends strengthening modern slavery diligence and reporting requirements for Australian companies Background. Enter the Modern Slavery Act 2018 (Cth).It states: This Act requires entities based, or operating, in Australia, which have an annual consolidated revenue of more than $100 million, to report annually on the risks of modern slavery in their operations and supply chains, and actions to address those risks. If so, take steps to ensure the company or other entity will be able to comply with the new reporting regime. Under the new Commonwealth Modern Slavery Act, Australian businesses with an annual consolidated revenue of more than $100 million must report on their risk of modern slavery. The ABF recommends that modern slavery risks be identified and considered as part of broader updates to the board or executive on the effect of COVID-19 on the business. It imposes a lower revenue reporting threshold of $50 million, and provides for penalties . The guidance offers basic information about the act such as the entities . On 1 January 2019, the Modern Slavery Act 2018 (Cth) (Commonwealth Act) commenced, heralding a new statutory modern slavery reporting requirement for larger companies operating in Australia.Who needs to report? We bring together lawyers of the highest calibre; progressive thinkers driven by the desire to help our clients achieve business success. The Modern Slavery Act 2018: Guidance for Reporting Entities . How new anti-hawking provisions apply to you after 5 October - a flowchart to help you apply the new law and ASIC guidance. It seems likely modern slavery statements will be carefully scrutinised in government procurement, as agencies seek to meet the internal standards governments have set. By signing up, you agree to receive commercial messages from us. BACKGROUND AND SCOPE OF COVERAGE - Australia's Modern Slavery Act 2018 (MSA) entered into force on January 1, 2019. This obligation applies to both publicly listed and non-listed companies, trusts and partnerships, as well as foreign entities conducting business in Australia through a subsidiary. 1 The introduction of the Modern Slavery Act 2018 (Cth), which commenced on 1 January 2019, aims to minimise modern slavery practices in the Australian market by requiring large businesses to report on modern slavery risks in . The Act . One that caught my eye for 2020: Australia's Modern Slavery Act. At the outset, it is important to recognise that the ABF expects entities to ‘continue to take steps to assess and address modern slavery risks during the COVID-19 pandemic’ and to comply with their reporting obligations notwithstanding the impact of COVID-19. In June last year, the NSW Act, Amendment . The Commonwealth Modern Slavery Act 2018 (the Act) entered into force on 1 January 2019. The Federal Government will also publish an annual consolidated modern slavery statement for all non-corporate Commonwealth Entities. For additional information on the UK Modern Slavery Act and the California Transparency in Supply Chains Act, see our earlier publications here, here, here and here. In Australia, the Modern Slavery Act 2018 commenced operation on 1 January 2019, creating reporting obligations for certain entities. 6 According to the guidance note issued by the Australian Government, ‘best practice’ is that this should be the chair of the board or the Chief Executive. This enables entities to minimise progressively any risks within their supply chain to eliminate modern slavery. The MSA will be subject to a three-year review to consider whether there is a need for additional measures, such as penalties, to improve compliance. This means the first reporting period is July 2020 to 31 December 2020. In recognition of the significant impact of COVID-19 on company operations and supply chains, the Australian Border Force has recently provided further guidance to reporting entities1 and the Commonwealth Government has extended the deadlines for submission of modern slavery statements. The Federal Government has introduced a Bill proposing to implement recommendations made in the final report of the Inquiry into Establishing a Modern Slavery Act in Australia. This Reporting Requirement applies to large businesses and other entities in the Australian market with annual consolidated revenue of at least AUD$100 million. This article was written by Sally Audeyev, Monique Carroll and Elouise Davis.. Last year we reported on the introduction of the Modern Slavery Act 2015 (c. 30) (the MSA) by the UK legislature, which sets out unprecedented reporting requirements in respect of transparency in supply chains, by which companies worldwide who carry on business in the UK must now abide. In support of Modern Slavery Reporting Requirements including under the Modern Slavery Act 2018 (Cth) Australian legislation requires certain entities to report on the risks of modern slavery in their operations and supply chains and to report the actions they are taking to address those risks. It is to commence on a day to be appointed by proclamation. Our Modern Slavery Statement has been developed by Wellways Australia Limited to meet the reporting requirements of the Modern Slavery Act 2018. 8 See Clare Connellan, Jacquelyn MacLennan, Tallat Hussain, Pavini Emiko Singh and Emily Holland, ‘White & Case Client Alert | Business & Human Rights: Modern Slavery Act — Update Note’ (November 2018) www.whitecase.com/sites/whitecase/files/files/download/publications/modern-slavery-act-update-note.pdf. Qantas took steps to ensure that all relevant workers had their bonds repaid in full. Reporting entities will need to act promptly to prepare for the new modern slavery reporting requirements. However, the collection and retention of information relevant to a Statement will be regulated carefully to ensure that only limited information is required to be disclosed. An Act to require some entities to report on the risks of modern slavery in their operations and supply chains and actions to address those risks, and for related purposes. However, the position under the NSW Act relating to entities that are required to comply with the MSA is not clear. Prior results do not guarantee a similar outcome. The term modern slavery is used to describe situations where coercion, threats or deception are used to exploit victims and undermine or deprive them of their freedom. If an entity fails to comply with that request, the Minister may publish the identity of the entity and further details relating to the non-compliance. Lorna Jane Modern Slavery Report | 3 PART ONE This Modern Slavery Statement is made in accordance with the Modern Slavery Act 2018 (Cth) (the Act) for the year ending 30 June 2020. No penalties are prescribed in the MSA in respect of non-compliance with the MSA. [Assented to 10 December 2018] The Parliament of Australia enacts: Part 1—Preliminary. In a manner similar to the MSA, the NSW Act requires reporting entities to prepare annual Modern Slavery Statements (NSW Statement) detailing the steps undertaken by the entity to address modern slavery risks within its operations and supply chains. Following the passing of the Modern Slavery Act 2018 (Cth), entities based, or operating in Australia, which have an annual consolidated revenue of more than AUD$100M are now required to report annually on the risks of modern slavery (MS) in their operations and supply chains, and the actions they have taken to address those risks.Companies that fall outside this financial threshold are still . This article covers the essentials of the new modern slavery . Modern slavery reporting - what your fund needs to do. Knock for knock indemnities – are they appropriate for on-shore infrastructure projects? Among other things, a function of the Anti slavery Commissioner will be to monitor reporting of modern slavery risks in supply chains. A new law requiring Australia's biggest companies to monitor and report on their possible links to modern slavery has come into force - with widely varying results. However, for the purposes of preparing a Statement under the MSA, it covers trafficking in persons, slavery and slavery-like practices and the worst forms of child labour. The final Commonwealth Guidelines state if your organisation must report under the Modern Slavery Act and the UK Modern Slavery Act, it can submit the same statement but must ensure it meets all of the mandatory criteria to comply with the Modern Slavery Act. Modern slavery reporting - what your fund needs to do. Modern Slavery Statements - Minimum Disclosure or Practical Action? Under the Federal Bill, each modern slavery statement must be approved by the principal governing body of the entity and signed by a responsible member of the entity. Accordingly, statements for the reporting period of 1 July 2019 to 30 June 2020 do not need to be submitted until 31 March 2021.3. Find out more about business response to the Coronavirus outbreak: www.homeaffairs.gov.au/criminal-justice/files/modern-slavery-covid-19.pdf, www.homeaffairs.gov.au/criminal-justice/files/modern-slavery-reporting-entities.pdf, www.whitecase.com/sites/whitecase/files/files/download/publications/modern-slavery-act-update-note.pdf, clearly explain in their modern slavery statements how COVID-19 has impacted their capacity to assess and address modern slavery risks during their reporting period; and. The term modern slavery is used to describe situations where coercion, threats or deception are used to exploit victims and undermine or deprive them of their freedom. While the Act does not include any financial penalties for non-compliance, the responsible Minister has the power under the Act to request non-compliant entities to provide an explanation for their failure to comply within 28 days and to undertake remedial action. The research finds that most companies complied with the minimum requirements of modern slavery reporting, with clear groups of leaders and laggards within the ASX200. The MSA establishes a reporting framework that requires all relevant Australian businesses (including Direct Selling Organisations (DSO’s)) to identify modern slavery risks in their operations and supply chains, and to implement appropriate measures to ensure identified risks are lessened or remediated, as necessary. The ABF is closely monitoring the Our global industry teams work together to share knowledge and experience so that we can provide our clients with insightful, innovative commercial advice. On January 1 2019, the Modern Slavery Act 2018 (Cth) (the MSA) came into effect. The PDF server is offline. Australian companies or partnerships carrying on business in the UK and meeting a prescribed revenue threshold are already required to publish a slavery and human trafficking statement. Become your target audience’s go-to resource for today’s hottest topics. This article presents an update and extension to our previous article Introduction of Modern Slavery Legislation.. Brief Explanation. ", © Copyright 2006 - 2021 Law Business Research. Accordingly, entities with a standard Australian financial year (period ending 30 June) will be required to lodge their first Statement by 31 December 2020. It has been referred to the Senate Legal and Constitutional Affairs Committee, which is expected to release its report by 24 August 2018. Newsfeeds over the last few months and in general find the articles of good quality and relevant July,! 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