Description
Modern Slavery Reporting Practices in Australian Financial Services: An Early AssessmentThis paper critically analyses the 187 mandatory modern slavery statements of financial services entities in Australia and provides recommendations to improve such practices. Design/methodology/approach This paper uses content analysis to investigate a sample of the first financial services entities to lodge Modern Slavery statements for the year 2019-2020. A modern slavery disclosures index comprising ten principles and 50 sub-principles has been developed from 23 instruments to examine the Modern Slavery statements. Findings There are clear differences among the financial services entities to disclose modern slavery related information. Few principles on recognising modern slavery, supply chain risks and assessment and addresses are dominant; however, in many instances, the disclosure provides limited insights into identifying risks, modern slavery prevention policy, oversight, non-compliance and COVID-19 principles. Despite broad requirements regarding the areas that must be covered in these statements, the exact nature of the content disclosed is left to individual companies which can result in substantial differences in quantity and quality of disclosures. Research limitations/implications Researchers can use these findings when designing their research into financial services entities’ Modern Slavery statements. In particular, Modern Slavery legislation is subject to three-year government review. The focus is limited to one industry, responses to Commonwealth legislation and information disclosed by the focal industry. Hence, there is scope to expand the focus to other industries, country contexts and stakeholders. Practical implications Practitioners can apply this examined ‘best practice’ modern slavery disclosure index in their organisations to minimise the unethical and illegal practice of modern slavery in domestic and global supply chains and operations that leads to enhance reputation. Social implications The findings satisfy public demand for improved accountability and transparency and ensure human rights in the financial services entities’ business operations and supply chains. Originality/value This is the first academic research paper to examine the extent of disclosures of Australian financial services entities after the enactment of the Modern Slavery Act 2018 (Cth).
| Period | Jan 2022 |
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| Event type | Conference |
| Conference number | 44th |
| Location | Bergen, NorwayShow on map |