Mint Asset Management Continues Modern Slavery Engagement Despite Government Setback

Highlights:

Mint Asset Management's Commitment: Despite the government's decision to disband the modern slavery leadership advisory group, Mint Asset Management (MINT) remains dedicated to engaging with companies on modern slavery practices.

Government's Self-Regulation Stance: Workplace Relations and Safety Minister Brooke van Velden expects New Zealand businesses to self-regulate their supply chains to ensure they are free from modern slavery, emphasizing existing policies and criminal provisions.

Industry Advocacy and Future Outlook: Earlier this year, Mint led an initiative with other fund managers to urge the government to implement robust modern slavery laws. Despite setbacks, the financial industry continues to address modern slavery risks and advocate for stronger regulations.

Mint Asset Management (Mint) will persist in its efforts to engage with companies on modern slavery practices even in the absence of specific legislation. This commitment follows the recent disbandment of the modern slavery leadership advisory group by the coalition government.

Ongoing Commitment to Modern Slavery

Rachel Tinkler, Mint’s head of responsible investment, emphasized the importance of continued industry upskilling in modern slavery practices. “There is certainly interest across the industry to continue to upskill in this area too, with a couple of avenues for broader investor engagement on this topic under consideration,” she stated.

This statement came after Workplace Relations and Safety Minister Brooke van Velden announced that while modern slavery policy work remains under consideration, it is not currently a priority. Instead, she expects New Zealand businesses to self-regulate their supply chains to ensure they are free from modern slavery.

Government's Stance and Existing Policies

Minister van Velden stressed the importance of punishing modern slavery where it occurs but argued that regulations are not necessary for businesses to review their supply chains. She pointed out that New Zealand already has policies in place that meet the requirements set out in free trade agreements, including guidance for responsible supply chain practices and criminal provisions for those involved in slavery and human trafficking.

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