Recent updates to the Modern Slavery Statement Registry and why your business should engage

45,636 organisations have added their modern slavery statements to the government's modern slavery statement registry. Are you one of the 45,636? If not, the recent updates provide a prompt to assess whether your business would benefit from engaging with the registry.

The updates to the registry come as part of the government's renewed focus on tackling modern slavery, which includes establishing a House of Lords Select Committee to assess the effectiveness of the Modern Slavery Act 2015 (the "Act").

Background

In 2015, the Act was implemented requiring large businesses with a turnover of £36 million or more to produce a modern slavery statement each year setting out the steps that they are taking to address the risk of modern slavery in their operations and supply chains.

The modern slavery statement registry was established in March 2021 in response to the transparency in supply chain consultation and aims to increase compliance with the Act by building a centralised online registry where modern slavery statements are stored together in one place for anyone to read.  

Participation in the modern slavery statement registry currently remains voluntary although there are plans for it to become mandatory in the future.

Updates to the Registry

The following updates have been made to the registry:

• A one-off email notification to registered companies who have not uploaded a statement since the registry was launched.
• Email reminders to registered companies every year to prompt them to submit their latest annual statement.
  • If companies have not yet uploaded their annual statement, they will first receive a reminder one month before the deadline.
  • A further reminder will be sent 2 weeks before the deadline and a final reminder one week prior to the deadline.
• Changes to the statement summary pages and search pages to clearly show how many of the recommended sections a company has completed on the registry.

Why should you engage?

The main purpose of a modern slavery statement is to require a business to consider the risk of modern slavery in its supply chain and demonstrate the steps they are taking to address it year on year.

It is compulsory for large businesses to publish their modern slavery statement on their website. So what are the potential benefits of voluntarily publishing the statement on the registry as well?

1. Increased customer engagement - Customers are increasingly placing value and importance on the ethical standards of the businesses they choose to engage with. This is particularly important for capturing and retaining Gen Z customers with 93% of Gen Z considering sustainability when making a purchasing decision.
2. Enhanced reputation and brand – We have seen increased success of brands that have responsible supply chains at the heart of their business. For example, Tony's Chocolonely has reported record net revenue growth of 23% in their most recent financial year.
3. Improved investor confidence – Investors are increasingly considering a company's exposure to ESG risks when screening investment opportunities.
4. Greater staff retention – Staff are likely to be more loyal when a business demonstrates strong commitment to its ESG values and is transparent about what it is doing to further its goals.  
5. Developing a stable and innovative supply chain – This is essential for the longevity and growth of any business.

If you would like assistance with drafting or updating your modern slavery statement, please get in touch with Nathan Peacey, Tim Williamson or Tamzin Robson.