Reading time: 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 are vigilant in meeting our obligations under the Act by adhering to our employee due diligence framework. This starts with our people, ensuring we monitor legislative and regulatory changes, adopt appropriate best practice so our staff are treated fairly, supported, and respected and, as best we can, provide training and development opportunities so we deliver the best service and superannuation outcomes to members.
In accordance with our risk framework, we review our supplier contracts and processes to include modern slavery clauses and we send out questionnaires to our service providers/suppliers and all our investment managers. Their responses, including modern slavery statements (where available), are reviewed and, if necessary, clarified.
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.