Directors duties - modern slavery

NZ director duties for Commonwealth Modern Slavery Act reporting

New Zealand directors of company boards have specific responsibility for signing off modern slavery statements. It is estimated 500 NZ companies have to report to the Commonwealth Modern Slavery Act before March 2021.The New Zealand Institute of Directors asked me some key follow up questions to an article published in May 2020 regarding reporting requirements.

1. What are the responsibilities for New Zealand directors under the Commonwealth Modern Slavery Act?

2. What is the penalty for non-compliance with the Act?

3. Should NZ companies that don’t meet the reporting criteria under the Act still address modern slavery in supply chains?

4. Is the New Zealand government likely to follow suit? Is it looking at this space?

Please see the the video interview and full article.