The following Corporate practice note provides comprehensive and up to date legal information covering:
The Modern Slavery Act 2015 (MSA 2015) received Royal Assent on 26 March 2015.
Section 54 requires certain firms to produce and publish a slavery and human trafficking statement for each financial year of the organisation.
The government has published guidance, last updated December 2019, (the Guidance) which makes it clear that organisations should seek to publish their statement as soon as reasonably practicable after the end of their financial year, ideally no later than six months after the organisation’s financial year end.
Therefore a firm with a financial year end of 31 March 2019 is effectively required to have published a statement by 30 September 2019.
Organisations may wish to publish these statements at the same time as they publish other annual accounts. Aside from the regulatory requirements, organisations should anticipate commercial pressure from a wide variety of stakeholders and third parties to comply with the provisions.
The MSA 2015 requires that any commercial organisation in any sector, which supplies goods or services, and carries on a business or part of a business in the UK, and is above a specified total turnover, must produce a slavery and human trafficking statement for each financial year of the organisation. Regulations (SI 2015/1833) have set the total turnover threshold at £36m, although the Guidance encourages organisations with turnovers less then £36m to also produce a statement.
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