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It is imperative that Centuria Capital Group establishes a responsible and sustainable supply chain that aims to mitigate the modern slavery risks.
Modern slavery situations occur where businesses or individuals use coercion, threats or deception to exploit people and limit their freedom. This can include human trafficking, slavery, servitude, forced labour, debt bondage, forced marriage and child labour. Supply chains in the property development and real estate industry are complex and diverse, and we are committed to mitigating the modern slavery risk along the supply chains as outlined in this disclosure.
All listed and unlisted entities follow the strategies and policies set in place by Centuria Capital Group when managing respective supply chains and mitigating modern slavery risks.
We continue to adopt a risk based approach to assessing modern slavery risks across its operations and supply chain. This approach acknowledges that certain segments of the business and some suppliers expose the Centuria to higher risks. We acknowledge that no approach to assessing modern slavery risks is perfect and will continue to update the current approach based on findings and in consultation with the wider industry.
The modern slavery risk-based approach considers:
During this reporting period, all facility managers have completed modern slavery training provided by independent training providers appointed by Centuria. Facility managers in Australia receive training from Safetrac, an online training platform that has been built by qualified and experienced lawyers. This year, we have also extended our modern slavery training to our offices in New Zealand via a third-party asset management contractor as the independent training partner.
Our suppliers are involved in our processes of responding to modern slavery practices. This year, we have had a 77% turnaround rate to provide Informed 365 System assessments. We continuously strive to have a strong relationship with our suppliers and believe that this is a strong indication that they share the same values as us.
assessments completed in FY23
All material risks that are identified by the Working Group are reported to the Centuria Capital Group Board through the Audit, Risk & Compliance Committee, where strategic responses are made regarding mitigating the risks of modern slavery.
The last Modern Slavery Statement mapped out strategic areas of focus for the Group across 2022. A summary of the roadmap is as follows:
Centuria continue to partner with Safetrac to deliver Modern Slavery training to staff. At time of reporting, all Facility Managers in Australia have completed training.
Centuria has worked with Bayleys to help strengthen their approach to managing modern slavery. In FY23 Bayleys completed a financial analysis of their top two suppliers, adopting a risk-based approach to assess modern slavery.
All operational segments have a roadmap which is managed by respective representatives.
Centuria has increased the number of suppliers assessed by the Informed 365 system.
The Culture and ESG Committee received regular updates regarding the Group’s Modern Slavery efforts, including outcomes from the recent Modern Slavery Act 2018 review.
After trialling incidents across teams, Centuria has identified areas of improvement and will continue to enhance the processes involved in monitoring grievances and escalation processes by way of awareness and education. Centuria will periodically test grievance processes in various scenarios.
The Group now monitors payment on time for suppliers during a monthly meeting. The Modern Slavery Working Group receives regular updates regarding the performance of this metric and seeks to remedy delays in payment for suppliers.