The Modern Slavery Act, which became law in January 2019, 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 the actions taken 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 and believes every person has the right to freedom and to be safe and respected in their day-to-day lives.
We started our implementation of the Act with our own employees by setting 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 service and superannuation outcomes to members.
Having developed a risk framework, we amended our supplier contracts and processes to include modern slavery and up to mid-2020 we sent out questionnaires to nearly a third of our service providers/suppliers and all our investment managers. Their responses have been reviewed and, where necessary, we have asked them to clarify areas of their responses.
We have also developed and published a Supplier Code of Conduct. This Code states our expectations of service providers and suppliers who we engage with, to assist us in eliminating modern slavery within our supply chain.
It is pleasing to note that to date we have not identified any instances of modern slavery within our supply chain.
We will continue to work through our current service providers and supplier list to ensure that the remaining questionnaires are sent out in 2020/21.
Once our 2019/20 Modern Slavery Statement has been approved by the Board and lodged with the Department of Home Affairs, we will publish it here in early 2021.