You could lose public sector tenders if you do not disclose your company’s measures to comply with anti-slavery legislation. The law, which came into effect in October 2015 will affect commercial businesses with a turnover of £36m or more carrying out business in the UK. Those businesses will now have to prepare a slavery and human trafficking statement for each financial year, stating the steps taken to ensure their business and supply chains are slavery free. The statement will have to be published on the company’s website and a failure to comply can lead to an injunction. However, it remains to be seen to what extent the Government would be prepared to take such a step.
Anti-Slavery Legislation Statements
The statements will have to be prepared for each financial year ending on or after 31 March 2016. A statement should be published as soon as reasonably practicable after the end of the financial year and the guidance states that this should be done within six months of the year end. It also notes that organisations may choose to publish the statement alongside any other annual or non-financial reports they are required to produce.
These statements may also become a requirement for tenders for certain work from Government and other concerned bodies. Therefore we would recommend you read the practical guide published by the Government http://tinyurl.com/najhbbe