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)
Ethical Partners are pleased to see Australia take the next steps to implement mandatory climate reporting with the release of draft climate standards, which we provided feedback on.
Ethical Partners have continuously called for the provision of high quality, comparable data on company’s climate governance and carbon metrics, which we believe is imperative for investors to fulfil the potential of responsible investment.
Ethical Partners have been proud to have been active supporters of the TNFD Forum over the past few years, and to provide regular feedback on the development of the official TNFD recommendations, which were launched in December, as well as to be active members of the RIAA Natural Capital Working Group.