
Dan Brecher
Counsel
212-286-0747 dbrecher@sh-law.comFirm Insights
Author: Dan Brecher
Date: August 20, 2015
Counsel
212-286-0747 dbrecher@sh-law.comUnder the Modern Slavery Act, a “commercial organization” must prepare a slavery and human trafficking statement for each financial year. The mandatory corporate disclosure must state the steps the organization has taken to ensure that slavery and human trafficking are not taking place in any of its supply chains and in any part of its own business, or that the organization has taken no such steps.
A “commercial organization” is broadly defined as a corporation or partnership that carries on a business, or part of a business, in any part of the United Kingdom. However, the disclosure obligations apply to companies with a turnover of over £36 million.
Pursuant to the UK statute, a company’s statement may include the following information:
It is important to highlight that the statute does not create an affirmative obligation to develop a compliance program to address human trafficking in the supply chain. However, companies must publicly disclose that they do not have any policies or procedures in place. Accordingly, the British government is relying on pressure from the public, as well as advocacy organizations, to encourage corporations to voluntarily adopt measures to combat slavery and human trafficking in their supply chains.
The UK’s mandatory annual reporting requirements take effect in October. The Secretary of State is expected to publish additional compliance guidance in the near future.
In the United States, California is currently the only state to require businesses to disclose the steps they are taking to combat slavery and human trafficking. However, federal legislation could be on the horizon.
Last month, U.S. Representatives Carolyn Maloney (D-NY) and Chris Smith (R-NJ) introduced the Business Supply Chain Transparency on Trafficking and Slavery Act of 2015 (H.R. 3226), which would require publicly traded companies with over $100 million in annual worldwide gross receipts to disclose their policies on human trafficking, slavery, and forced labor on their websites as well as in annual reports filed with the Securities and Exchange Commission (SEC).
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Author: Dan Brecher
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Author: Angela A. Turiano
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Author: Dan Brecher
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Author: Robert E. Levy
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!