Proposed Federal Legislation Mandates Corporate Disclosure to Address Human Trafficking
Investors commend Congresswoman Carolyn Maloney and Congressman Chris Smith for their efforts to address human trafficking and slavery in global supply chains
Building on the California Transparency in Supply Chains Act, Congresswoman Carolyn Maloney (D-NY) and Congressman Chris Smith (R-NJ) introduced The Business Supply Chain Transparency on Trafficking and Slavery Act of 2014. The proposed legislation requires companies to disclose corporate policies and programs to identify and address human trafficking and slavery risks in their global supply chains. Companies exposed to these types of risks may face potential financial, regulatory, legal and reputational consequences.
According to Mike Lombardo, Sr. Sustainability Analyst and Manager, Index, “companies need to take greater steps toward improved transparency regarding their exposure to and management of human rights risks, including human trafficking and slavery. The required corporate disclosure in the proposed bill is consistent with Calvert’s belief that the fiduciary and public reporting responsibilities of companies and their Boards of Directors involve the identification and management of material risks, including those associated with human rights.”
Calvert, Christian Brothers Investment Services and the Interfaith Center on Corporate Responsibility applaud Congresswoman Maloney and Congressman Smith’s introduction of the bill. Read the Investor Statement here.