Investor Statement in Support of Robust Forced Labor Regulations
With the significant rise in modern slavery according to the newly released 2021 Global Estimates, investors recognize the urgent need for meaningful action and laws to tackle the exploitation of workers around the world.
In an investor statement signed by 89 global institutional investors representing over US$2.44 trillion (Euro € 2.29 trillion) in assets under management and advisement, investors express their support for the European Commission’s legislative proposal of prohibiting products made with forced labor from entering the EU, as an essential step to eliminating forced labor around the world. However, investors are urging the European Parliament and EU Member States to consider and incorporate their recommendations for robust forced labor regulation, including:
- Incorporating a worker and remedy-centered approach, with companies remediating the harm suffered by the affected communities;
- Including mandatory human rights due diligence complementary to the EU Corporate Sustainability Due Diligence Directive;
- Requiring complete value chain tracing and required public disclosure for companies; and
- Ensuring that the scope of enforcement must address systematic state-sponsored forced labor and patterns of forced labor in companies.
This investor statement has been shared with members of the European Parliament and members of the European Commission who are discussing the proposed EU forced labor regulation.
If you wish to learn more about this investor initiative or wish to support this effort, please contact Anita Dorett at email@example.com.