In January 2019 the Modern Slavery Act ('the Act') became law.
The Act requires businesses who meet a revenue threshold (annual consolidated revenue of more than $100 million) to report on the risks of modern slavery in their operations and supply chains, and actions to address those risks.
Businesses are also required to submit an annual Modern Slavery Statement to the Department of Home Affairs.
TWUSUPER supports the Act – below we outline the steps we have taken and those we plan to take over the next two years.
TWUSUPER believes every person has the right to freedom, and to be safe and respected in their day-to-day lives.
We have started our implementation of the Act with our own employees. We have set out our due diligence framework which ensures we monitor legislation and adopt appropriate best practice so our staff are treated fairly, supported and respected, and as best we can, ensure they are trained and developed to deliver the best in service and superannuation outcomes to members.
To date we have identified around 200 service providers to the Fund. We are prioritising these providers to focus on those with operations that might present the greatest risks. We will then begin discussions to understand their operations and suppliers, and how this might impact TWUSUPER and our members. This will result in a documented map of direct and third-party providers.
We have already addressed our supplier contracts and processes to ensure we have a clear starting point.
During 2020-21, we will continue working through our list of suppliers until each has been engaged, their operations understood, and any risks identified with a clear action plan.
We will keep you informed as we meet the requirements of the Act and in doing so, contribute to eliminating modern slavery.