VicSuper welcomes the Modern Slavery Bill 2018 (Cth)
The Modern Slavery Bill 2018 passed in Australian Parliament on 29 November. We welcome this significant step to addressing the modern forms of slavery that exist today.
The legislation asks companies with revenue of more than $100 million to report what they are doing to eliminate slavery in their global supply chains.
At its broadest, the term 'modern slavery' refers to any situations of exploitation where a person cannot refuse or leave work because of threats, violence, and coercion, abuse of power or deception. This includes slavery, servitude, child labour, forced labour, human trafficking, debt bondage, slavery like practices, forced marriage and deceptive recruiting for labour or services.
From the end of the 2019-2020 financial year, the new law will require VicSuper to annually disclose the steps we’ve taken to identify and respond to any potential risks of modern slavery in our operations and supply chain. VicSuper works with business partners, suppliers and community organisations that share our values to proactively manage business risks and foster ethical behaviour.
We will also seek to go beyond regulatory compliance by regularly reviewing our investment portfolio for potential exposure to modern slavery risks, and we’ll continue to advocate for companies to improve human rights and provide decent work.