The 2015 Modern Slavery Act requires every UK business supplying goods or services, with total annual turnover of 36m or more, to produce a slavery and human trafficking statement for each financial year of the organisation. The statement must set out the steps taken (even if none) during the financial year to ensure that modern slavery is not occurring in their supply chains (which has its everyday meaning) and in their own organisation. Government guidance says that, for businesses to produce an effective statement, they will need to have a good understanding of their own supply chains in order to define the boundaries of the report and to support the identification of risk.
Although the Act has been in force since October 2015, businesses with a year-end of 31 March 2016 are the first businesses required to publish a statement for
their 2015-16 financial year. An organisation is required to complete a statement for each financial year in which their turnover exceeds the threshold.
The statement must be approved and signed by a director, member or partner of the organisation and published on the organisation's website, with a link in a prominent place on the homepage, as soon as reasonably practicable after the end of their financial year. The government is encouraging organisations to report within six months of the organisation's financial year end.