Fund managers want modern slavery law to match investor expectations

Led by Mint Asset Management, fund managers with FUM of $295 billion and two peak bodies have written to Workplace Relations and Safety Minister Brooke van Velden calling for the Modern Slavery Reporting Bill to be made more robust.

Last July, Labour announced organisations with annual revenue over $20 million would have to publicly report what they were doing to address the risk of exploitation in their operations and supply chains.

At the time the bill, which was estimated to take six months to pass into law, had cross party support. However post-election, the new government is reviewing Labour’s plans with Van Velden saying Cabinet has yet to decide on the proposal and decisions on whether to progress the legislation would be made in due course.

Rachel Tinkler, Mint’s head of responsible investment, says in drafting the letter, fund managers worked with global human rights group Walk Free. Walk Free engagement manager Serena Grant will be in New Zealand next month and is seeking a meeting with Van Velden.