This legislation mandates Australian businesses with an annual consolidated revenue of at least AUD$100 million to provide annual modern slavery statements. These statements must address must set out the reporting entity’s actions to assess and address modern slavery risks in their global operations and supply chains. Voluntary statements can be provided by entities which do not meet the thresholds for mandatory reporting. However, once an entity has volunteered to report and the related reporting period commences, they are bound as though they are a mandatory reporting entity. An alternative for voluntary reporting is to publish the statement on the organisation’s website.
The Modern Slavery Report Requirement applies to large businesses and other entities in the Australian market with annual consolidated revenue of at least A$100 million. The Reporting Requirement supports the Australian business community to identify and address their modern slavery risks, and maintain responsible and transparent supply chains.
The following documentation/information is required to provide evidence of compliance.
There are seven mandatory criteria that Modern Slavery Statements must address to satisfy the legislation. | 1) identify the reporting entity, | 2) Describe the reporting entity's structure, operations and supply chains, | 3) Describe the risks of modern slavery practices in the operations and supply chains of the reporting entity and any entities it owns or controls, | 4) Describe the actions taken by the reporting entity and any entities it owns or controls to assess and address these risks, including due diligence and remediation processes, 5) Describe how the reporting entity assesses the effectiveness of these actions, 6) Describe the process of consultation on the development of the statement with any entities the reporting entity owns or controls (a joint statement must also describe consultation with the entity covered by the statement), 7) Any other information that the reporting entity, or the entity giving the statement, considers relevant.