UK-based CCLA Investment Management has published its annual report on investor efforts to combat modern slavery in company supply chains, highlighting progress across corporate engagement, public policy and data. Launched in 2019 by CCLA, the workstream is now supported by investors representing £15 trillion in AUM, using their leverage to help companies find, fix, and prevent modern slavery in their supply chains. Over 50 million people were estimated to be in modern slavery in 2022, while the International Labor Organization tallies 28 million people who are victims of forced labour – which CCLA’s initiative focuses on. This year’s report highlighted progress made over recent years, including: the launch of the CCLA Modern Slavery Benchmark, which assesses modern slavery statements and other disclosures from the largest 100 UK companies; a roundtable held by the Cabinet Office, CCLA, LGT Wealth Management and the Supply Chain Sustainability School, attended by 17 major UK-listed and private construction companies; and active engagement with government, policymakers and regulators to promote a meaningful regulatory environment. “The number of people trapped in modern slavery has grown over the past six years as Covid-19, conflict and climate change have disrupted labour markets, and so it is vital that businesses do everything they can to prevent it in their own organisations and value chains,” said Dame Sara Thornton, Modern Slavery Consultant for CCLA. “As investors, we can have influence not just over the companies in which we invest but across the wider system. However, in order to know where to start – we need information and data, which in the case of modern slavery, can be hard to come by.” Modern slavery is increasingly a financially material risk for investors, the report noted – particularly with upcoming regulations on business to address human rights risks, including the EU Corporate Sustainability Due Diligence Directive.
