Overview

This bill mandates large UK companies to publicly disclose their efforts to eradicate slavery, human trafficking, forced labor, and the worst forms of child labor from their supply chains. It requires transparency in reporting and outlines actions companies must take to address these issues.

Description

The Transparency in UK Company Supply Chains (Eradication of Slavery) Bill requires companies with over £100,000,000 in annual worldwide gross receipts to:

• Annual Reporting: Publish a statement in their annual report and on their website detailing measures taken to combat slavery and related exploitative practices in their supply chains.
• Verification and Audits: Disclose whether they conduct independent verification of their supply chains and independent, unannounced audits of suppliers to assess compliance with company standards.
• Supplier Certification: Require direct suppliers to certify compliance with relevant anti-slavery laws.
• Internal Accountability: Maintain internal accountability standards, supply chain management systems, and procedures for employees or contractors who fail to meet company standards.
• Employee Training: Provide training on slavery and related issues to employees involved in supply chain management.
• Recruitment Practices: Ensure that recruitment practices at all suppliers comply with company standards for eliminating exploitative labor practices.
• Assistance for Victims: Take necessary and appropriate action to assist victims discovered in their supply chains and report on this action in their annual reports.

Government Spending

The bill does not directly specify government spending. The primary cost will likely be associated with enforcement and monitoring of compliance, the amount of which is not detailed in the provided text.

Groups Affected

• Large UK Companies: Companies with over £100,000,000 in annual worldwide gross receipts will face new reporting and compliance requirements.
• Suppliers: Suppliers to these companies will face increased scrutiny and may need to adapt their practices to meet the new standards.
• Consumers and Investors: Will have increased access to information about companies' efforts to eradicate slavery and related practices in their supply chains.
• Victims of Exploitation: The bill aims to protect and assist victims by requiring companies to report on actions taken.

Powered by nyModel