How the Australian Modern Slavery Act is Making a Difference

TIMESTAMPS
About the Act 0:4
How it is Impactful 0:10
How to Comply 0:26

SUMMARY
Much like the UK Modern Slavery Act and California SB 657, the Commonwealth Modern Slavery Act was created to mitigate modern slavery being present in the supply chains of companies doing business in Australia. Here’s an overview of the legislation:

- The act applies to approximately 3,000 entities in Australia. These entities have to prepare an annual modern day slavery statement that outlines their due diligence efforts for modern day slavery risk mitigation.

- The statement must be approved by the board of directors of a company, and signed by a board member.

- Companies who log AU$100 million in fiscal year revenue are in-scope of the regulation and have to submit an annual statement.

- The statement must include seven different elements

- Companies must provide a modern day slavery statement to the Australian government for publication on a centralized website.

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