Slavery Statement Now Required For Companies Operating In UK
March 15, 2016
The UK’s Modern Slavery Act 2015 requires large companies doing business in the UK to publish a statement that describes steps taken – if any – to ensure that slavery and human trafficking are not taking place in the business or any of its supply chains. (The statement may simply say that no steps were taken.) A legal update from Sidley & Austin provides the details of a law with a very wide reach. It applies to any company, no matter where it is incorporated or headquartered and including its subsidiaries, that has an annual “turnover”of £36 million, even if only a small proportion of its business takes place in the UK. This alert covers details including timing, what the statement must or may not include, and who in the organization must sign off on it.
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