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Squaring the circle: fiduciary duties v economic growth
This is the first in a series of blogs about the Government’s Mansion House reforms, and its goal to get pension schemes doing more for the UK economy.
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Canada | Publication | December 11, 2023
As the world marks the 75th anniversary of the Universal Declaration of Human Rights, we remind companies with a connection to Canada that new modern slavery legislation will come into force January 1, 2024, with mandatory annual reporting requirements.
Canada’s new Fighting Against Forced Labour and Child Labour in Supply Chains Act imposes an obligation on many entities with a connection to Canada to report on the measures taken to prevent and reduce the risk that forced labour or child labour is used by them or in their supply chains. The legislation will come into force on January 1, 2024, and will require in-scope entities to provide prescribed information to the federal government by May 31, 2024, about the preventive measures taken by them during 2023. Canada Business Corporations Act corporations and other federally incorporated entities must also provide a copy of the report to their shareholders.
On December 10, 1948, the General Assembly of the United Nations adopted the Universal Declaration of Human Rights. It set out, for the first time, fundamental human rights to be universally recognized and protected. The declaration is widely recognized as having inspired, and paved the way for, the adoption of more than 70 human rights treaties, including the International Labour Organization conventions on fundamental labour rights that are cited in Canada’s new modern slavery legislation.
For further information about which entities must file a report under Canada’s new legislation, the required contents of the report and the steps to take in preparation for the filing, please see our earlier updates here and here.
Blog
This is the first in a series of blogs about the Government’s Mansion House reforms, and its goal to get pension schemes doing more for the UK economy.
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