Do you have exposure to Modern Day Slavery?
A sobering question we were recently asked by a large asset manager client conducting due diligence on their supply chain (including us). But we’re a B Corp – that’s against everything we stand for – ‘no chance’ – was my immediate response. So prove it – what mitigation processes do you have in place?
We did have processes in place but reflecting on the high-risk areas I realised we could do better. The temptation is to say we’re a small business (sub £32mn revenue so we’re not required to) and we don’t have the available resource but that said we know and believe as a responsible business it’s the right thing to do.
So how big is the problem? According to the Walkfree Global Slavery Index, the G20 countries alone import $468 billion worth of goods at risk of Modern Slavery, that’s staggering!
A BBC documentary (I strongly recommend viewing on iPlayer) first aired this month, ‘Slavery on the high street’, brought this home when they exposed some huge UK household brands who had exposure to slave labour in their supply chain. It prompted us to take further action which has resulted in positive developments with our supply chain.
The programme also featured, as a subject matter expert, one of our keynote speakers at the forthcoming Impact Investment Academy. Dame Sara Thornton, the UK’s former Independent Anti-Slavery Commissioner and now consulting to CCLA Investment Management.
We also have the privilege of hearing from a survivor of modern slavery who will share her compelling story. We really hope this shines a light on the area and hopefully hearing a personal account will motivate others within the investment community to act.
There are simple steps we can all take whatever size our organisation, we’re also on this journey at Worthstone. Together these small steps add up to make a big difference in helping eliminate this hidden injustice that is a scourge on our society.
Come and hear Dame Sara and the survivor speak at the Impact Investment Academy 2024 at BAFTA, 195 Piccadilly, London – click the link now to see the agenda.