Guidance on Modern Slavery Risks for Thai Businesses
Identifying, remediating and preventing human rights abuses in value chains is an essential part of doing business
Walk Free is proud to partner with the Stock Exchange of Thailand and Finance Against Slavery and Trafficking (FAST) to launch the first guidance to assist Thai-listed companies to identify, address and report on modern slavery risks throughout their value chain.
Modern slavery impacts every country and supply chain in the world. With annual profits from modern slavery and human trafficking estimated at US$ 150 billion in 2021, business leaders and investors must take action to ensure profits are not derived from the exploitation of vulnerable workers.
Our Guidance on Modern Slavery Risks for Thai Businesses explains what makes workers vulnerable to modern slavery, outlines specific industry risks in Thailand and provides a checklist on what businesses should do to identify, address and report on these risks. Alongside the Guidance, we have created an interactive Modern Slavery Benchmarking Tool to provide businesses with a score and tailored report on what they are doing well and how they can improve.
Thai-listed companies can use these resources to strengthen their modern slavery risk management and improve their sustainability reporting. In particular, it assists Thai listed companies with reporting under the new “56-1 One Report” mandatory sustainability reporting obligations.
Investors can use the guidance to understand key modern slavery risks for Thai companies, identify best practice for addressing and reporting on these risks and ensure they are using modern slavery disclosures to inform investment decisions and conduct more effective stewardship.
Modern Slavery Benchmarking Tool
The Modern Slavery Benchmarking Tool is designed to help companies establish good practices to identify, address and report on modern slavery risks in their operations and value chain. The interactive tool is anonymous and will take users through a series of questions about risk management practices in relation to modern slavery and labour exploitation. The Tool assesses companies on their performance in three areas (A) Governance & Policy; (B) Risk Assessment & Due Diligence; (C) Grievance Mechanisms, Response & Remediation. It provides companies with a benchmark score on their current performance and a list of steps they can take to improve it, including information that should be disclosed to their stakeholders.
