Modern Slavery Act passed
The Modern Slavery legislation passed both Houses of Parliament in the last sittings in 2018, introducing a new statutory modern slavery reporting requirement for larger companies operating in Australia. The operative provisions of the Act commenced on 1 January 2019. As previously reported to members (Acting for You, August 2018), the Act incorporates a number of aspects which Governance Institute supports including: the reporting requirements will apply to Commonwealth non-corporate entities, companies and corporations, the $100 million consolidated revenue threshold for reporting, the absence of penalties from the Act, entities’ ability to opt-in to the reporting requirement and the flexibility allowing entities to report within six months after the end of their reporting period which allows for entities with varying year ends.
