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Investors have role to play in modern slavery regulation
Modern slavery practices are posing a major risk for investors, according to an Australian investment manager.
Investors have role to play in modern slavery regulation
Modern slavery practices are posing a major risk for investors, according to an Australian investment manager.
Ausbil Investment Management is encouraging Australia’s investors to be part of the solution to modern slavery by urging companies to adopt industry best practice “with a business rationale and with real life examples”.
The manager’s stance is in reaction to the launch of an industry guide to combat slavery from the Australian Council of Superannuation Investors (ACSI) and the Responsible Investment Association Australasia (RIAA).
For Ausbil Investment Management, the guide is “a significant step forward for the industry”.
Considering that modern slavery practices posed a major risk to investors, Ausbil’s head of ESG Research, Måns Carlsson-Sweeny, said: “We believe that business models that rely on underpayment of workers, exploitative practices and weak regulation are not only detrimental to society but are also unsustainable from a long-term perspective.”
He said investors have a big role to play in engaging with companies in which they invest in and helping to reduce the incidence of modern slavery.
The Modern Slavery Act 2018 requires organisations to report the risks of modern slavery in their operations and supply chains.
Mr Carlsson-Sweeny said, “We see this becoming an increasingly key concern as the global regulatory focus on forced labour continues to intensify.”
The UN Sustainable Development Goals aim to eradicate slavery by 2030, the ESG Research expert said.
“With only 12 years remaining, we are already seeing more cases being brought by consumers and non-government organisations overseas.”
“We believe this is a trend that could also play out in Australia,” he noted.
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