The Modern Slavery Act 2015 came into force in October last year and applies to financial years ending on or after 31 March 2016.
The Act requires large businesses to publicly state each year the action(s) they have taken to ensure that their supply chains are slavery free. The Home Secretary has stated that one aim of this measure is to increase competition to drive up standards.
The Act applies to commercial organisations that carry out business in the UK and have a minimum total turnover of £36 million per year. In this context, ‘turnover’ includes the turnover of the organisation and any subsidiary undertakings.
More about the slavery and human trafficking statement you will find on our blog here