Australian companies with annual revenues of more than $100 million need to prepare statements on how they are identifying and tackling the risks of modern slavery - which includes child labour and human trafficking - by March 2021.
Although the Modern Slavery Act 2018 has not yet indicated any financial penalties for non-compliance, it may do so in the near future. The consequences of not complying could also be far more detrimental to your business than a monetary fine.
If a reporting entity fails to lodge a Modern Slavery Statement within the required timeframe (before March 2021), addressing each of the obligations provided under the Act, the entity may:
Environmental, Social and Corporate Governance (‘ESG’) is extremely important to investors, shareholders and boards in the current climate. Failure to fulfil global citizenship and obligations under the Act may present a reputational risk that is long lasting for your company.
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