The UK’s Independent Anti-Slavery Commissioner has called on the government to strengthen the Modern Slavery Act to include a requirement that reporting covers financial portfolios.
Yesterday Dame Sara Thornton published a review of her engagement with financial services CEOs, which involved writing to 51 CEOs and asking what steps their organisations were taking to address modern slavery concerns in their businesses, supply chains, lending and investment portfolios.
Out of the 51 CEOs she contacted, 44 responded, ranging from international banks to investment platforms, building societies and digital payment companies.
“While there were examples of good practice in the responses I had received, it was not the case that the financial services sector had integrated modern slavery risks across all its business processes in the same way it has approached environmental risk,” she wrote.
The UK Modern Slavery Act came into force in 2015 and was…