The International Labour Organization (ILO), a United Nations agency dealing with global labor issues, reports an estimated 20.9 million people worldwide are affected by human trafficking. Additionally, last year, the U.S. Department of Labor found goods produced by forced labor and child labor from 74 countries were imported into the U.S. Existing regulations, including the California Transparency in Supply Chains Act of 2010 and the U.K. Modern Slavery Act of 2015, do not properly address the issues. During the summer of 2015, bills were introduced to both the U.S. House of Representatives (the House) and the Senate known as the “Business Supply Chain Transparency on Trafficking and Slavery Act of 2015.” The act would require any organization with annual worldwide global receipts in excess of $100 million to disclose whether they have taken any measures to identify and address conditions of forced labor, slavery, human trafficking, and the worst forms of child labor within their supply chain, and describe any measures taken. Friends Fiduciary joined a group of investors and shareholders in urging members of the House and Senate to co-sponsor and pass their respective bills. As a Quaker values-based investor, FFC supports actions to stop human abuse in commercial sectors. Further and simply from an investor’s perspective, companies without comprehensive anti-trafficking protocols are exposed to financial, legal, and reputational risks that could adversely impact shareholder value. FFC believes proactive policies to identify and address human trafficking risks in global supply chains are the most effective means to affect positive change. We also feel the current legislative and regulatory framework is gravely inadequate to address such inhumane treatment. We hope this new legislation will raise awareness and eliminate human rights abuses, as well as provide public disclosures so businesses and consumers can avoid goods that come from tainted supply chains. To view statement click here
