Skip to content 
Search

Latest Stories

Regulator: One in 10 UK firms do not provide modern slavery statement

Regulator: One in 10 UK firms do not provide modern slavery statement

MANY companies are failing to spell out clearly whether they comply with modern slavery laws, Britain's corporate governance regulator said, partly for fear of triggering a public backlash.

Human rights have become an important consideration for investors putting billions of pounds into assets that tout their environmental, social and governance (ESG) credentials.


But the Financial Reporting Council said a sample of 100 annual reports of companies scrutinised by the regulator, Britain's Independent Slavery Commissioner and Lancaster University found that one in 10 do not provide a modern slavery statement despite it being a legal requirement.

The International Labour Organisation has said that modern slavery generates an estimated $150 billion annually across the world, with 25 million people in forced labour.

Firms in Britain with a turnover of £36m ($46m) or more are required by law to publish annually what they are doing to address the risk of slavery in their operations and supply chains.

"The prospect of reputational repercussions may, in part, explain the lack of disclosure on the performance of a company’s modern slavery approach," the FRC said.

While there were despite "pockets of good disclosure", where companies did comply only one third of these statements were considered clear and easy to read, the FRC said in the research paper that it commissioned.

"The review suggests that too many companies appear not to view human rights issues in their workforce and supply chain as a principal source of risk for their business, and that modern slavery consideration are still not a mainstream concern for many boardrooms," the FRC said.

Most statements were fragmented, lacked a clear focus and often contained 'boilerplate' language, the FRC said. Specific measures of the efficiency of steps taken to minimise modern slavery were "particularly poor".

(Reuters)

More For You

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less