Responsible Investing
Responsible investment considers a range of environmental, social, governance (ESG) and climate factors in conjunction with normal financial analysis.
Human trafficking and other forms of modern slavery are a huge but often hidden problem – and there are currently an estimated 49.61 million people in slavery worldwide, most of which are women and children.
What is modern slavery?
Modern slavery can take many forms, including forced labour, child labour, domestic servitude, sex trafficking and human trafficking.
There are more people in slavery today than at any other point in history, and it occurs in every country globally – not just in the developing world.
If you haven't identified modern slavery in your supply chains, it is likely you are not looking in the right places” – Senator Linda Reynolds, Co-Sponsor of Modern Slavery Act 2018 (Cth.)
Why is this important to your investments?
Any company that profits from using forced labour is doing so illegally. Unfortunately, that doesn't mean it isn't happening. In fact, the total profits obtained from the use of forced labour in the private economy worldwide is estimated to be around US$150 billion per year.2
Aside from the huge impacts on society and, of course, those individuals involved, modern slavery has negative repercussions for companies and future development. At CFS, we believe modern slavery has no place in society and we all share the responsibility to eradicate it as a matter of priority.
Our Modern Slavery Statement
In December 2022 we were pleased to release our inaugural Modern Slavery Statement since becoming a standalone business in December 2021.
Our Statement reaffirms our commitment to addressing modern slavery risk within our sphere of influence and outlines the ways in which we identify, manage and mitigate modern slavery within our direct business operations, supply chains and investments.
Key actions from the 2022 financial year highlighted in our Statement include:
- developing a modern slavery risk identification framework and action plan;
- establishing a modern slavery working group;
- establishing a partnership with FairSupply to review our Australian share portfolio, with the data used to engage with companies identified as high risk;
- appointing EOS at Federated Hermes to enable active ownership amongst our global investments, including a focus on modern slavery;
- continuing to engage and share learnings with peers through collaborative groups, including the Responsible Investment Association Australasia’s (RIAA) Human Rights
Working Group and Investors Against Slavery and Trafficking APAC (IAST APAC); and
- engaging our people through modern slavery training.
View our statement
1. https://www.walkfree.org/reports/global-estimates-of-modern-slavery-2022/
2. International Labour Organisation
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Information on this webpage is provided by Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL). It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the Target Market Determinations (TMD) for our financial products at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should read the Financial Services Guide (FSG) available online for information about our services. This information is based on current requirements and laws as at the date of publication.
Tax considerations are general and based on present tax laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. AIL and CFSIL are not registered tax (financial) advisers under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise under a tax law.
Things you should know
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at https://www.cfs.com.au/tmd which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.