NZ Modern Slavery Bill advances with amendments on reporting and liability
What happened
The Education and Workforce Select Committee recommended that the Modern Slavery Bill be passed, subject to several significant amendments. The Bill, jointly sponsored by Camilla Belich and Greg Fleming, would require entities with consolidated revenue exceeding $100 million to publicly report on modern slavery in their operations and supply chains. The committee also recommended changes regarding group reporting, mutual recognition, and narrower director liability.
From hcamag.com
Why it matters
The legislation establishes a mandatory reporting framework for large entities regarding supply chain risks. The amendments aim to improve the regime's workability and increase alignment with comparable frameworks, such as those in Australia.
The parliament is the legislative body of New Zealand.
From hcamag.com
Who's involved
- committeeThe Education and Workforce Select Committee reviewed the bill and approved balance date changes.
- Greg FlemingJointly sponsored the Modern Slavery Bill.
- Camilla BelichJointly sponsored the Modern Slavery Bill.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Australian GovernmentSpeculative
Businesses might see reduced compliance costs due to mutual recognition with the Australian Government.
- Russell McVeaghSpeculative
Russell McVeagh might see increased demand for corporate compliance and advisory services due to the regulatory amendments.
Keep exploring
The entities involved
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committee
body of one or more persons that is subordinate to a deliberative assembly
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Greg Fleming
New Zealand charitable sector consultant and politician
Nothing else this week.
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Camilla Belich
New Zealand Labour Party politician elected in 2020