On 21st June this year, Ethical Partners was present in the Upper House of the NSW Parliament to watch the passage of the Modern Slavery Bill, Australia’s first legislation on Modern Slavery. This historic legislation is a very positive first step in addressing the issue, and Ethical Partners strongly welcomes the requirements within this bill for enhanced corporate reporting on slavery within supply chains. Several week later, Ethical Partners was also honoured to meet with the Hon.Paul Green MLC, who championed the NSW legislation, in his offices in Parliament. We enjoyed this opportunity to discuss with him the implications of this Bill for company reporting, and how Ethical Partners can help support the application of this legislation in their dealings with companies. We very much look forward to the enhanced reporting and deeper conversation around the issues of supply chain transparency that this legislation can provide.
A week later, a separate Modern Slaverly Bill was introduced to the Australian Parliament on 28 June 2018 by the Assistant Minister for Home Affairs, the Hon Alex Hawke MP. Debate on the Bill will occur in the second half of 2018.
Key elements of the Federal Modern Slavery Bill include:
The Bill does not include:
(Source for details of the Federal Bill: Business and Human Rights Resource Centre, July 2018)
During October 2020 the Fund returned 2.85% versus the S&P/ASX 300 Accumulation Index of 1.89%, outperforming the market by 0.96% (after fees). Overweight positions in Insurance stocks and an underweight position in Metals & Mining contributed to relative performance while overweight positions in Consumer Staples and Media & Entertainment detracted from relative performance.
We speak with Anthony Mellowes, CEO, SCA Property Group (ASX: SCP) about recent strong sales figures from its centres, improved rent collection and its focus on sustainability. The Ethical Partners Australian Share Fund holds an overweight position in SCP.
During September 2020 the Fund returned -3.40% versus the S&P/ASX 300 Accumulation Index of -3.60%, outperforming by 0.20% (after fees). Overweight positions in Insurance stocks and an underweight position in Construction stocks and Healthcare detracted from performance while overweight positions in Industrials (specifically Building Products) and underweight positions in Information Technology and Energy contributed to performance