It’s likely that modern day slavery is in your supply chain; the International Labour Organization (ILO) estimates that close to $150 billion in annual company profits are tied to forced labor, and approximately 21 million people worldwide are victims of modern day slavery. But, is this an issue your company needs to address?
HSBC recently pledged to cut ties with companies connected to deforestation for palm oil in major production zones. The decision followed a report from Greenpeace that highlighted HSBC’s connection with palm oil companies involved in the destruction of rainforests.
The European Safety Authority (ESFA) released a report last year highlighting the potential dangers posed by the consumption of harmful compounds found in refined vegetable oils. The negative and often misleading news media coverage of Nutella that resulted was so strong that Ferrero (the manufacturer of Nutella), experienced a decrease in product sales.
The RSPO has recently released a report highlighting how their sustainability efforts have positively impacted "people, planet and profit" pillars throughout 2016.
Starting this year, large companies based in the European Union will need to disclose additional non-financial information in their annual reports, specifically policies, risks and outcomes related to environmental issues, respect for human rights and anti-corruption.
The international food industry continues to experience challenges in supply chain communication, especially as food safety rules become increasingly strict and consumers demand more transparency.
The jewelry industry has forged ahead with recent efforts to ensure gemstones and other jewelry products are sustainably sourced. Before the American Gem Trade Association’s annual conference kicks off in Tucson, hundreds of jewelers and others will gather on Jan. 29-30 for their second “Jewelry Industry Summit” to advance efforts for responsible sourcing of gemstones and to improve sustainability in the gem supply trade.
There are steps companies can take immediately – and with little effort – to reduce or eliminate supply chain risks. In recognition of National Slavery and Human Trafficking Prevention day today, companies can renew their commitments to ethical sourcing investigative processes to provide assurances that their products do not involve slave labor.
Human rights and news organizations have recently revealed the extent of human rights abuses associated with artisanal cobalt mining. As a result, electronics and automotive companies around the globe have announced various commitments to stop the use of forced labor and child labor for cobalt mining.
In 2010, President Obama signed the Dodd-Frank Consumer Protection Act into law. Section 1502 of that act addresses the international trade and use of...
