The impact of the UK's Modern Slavery Act (2015) on the disclosure of FTSE 100 companies |
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| Institution: | 1. Southampton Business School, University of Southampton, Southampton, SO17 1BJ, UK;2. School of Business and Economics, Loughborough University, Leicestershire, LE11 3TU, UK;3. Birmingham Business School, University of Birmingham, Birmingham, B15 2TT, UK;1. Manning School of Business, University of Massachusetts Lowell, 72 University Ave, Lowell, MA, 01854, USA;2. Lally School of Management, Rensselaer Polytechnic Institute, USA;3. School of Accounting and Finance, Hong Kong Polytechnic University, Hong Kong;4. Kogod School of Business, American University, USA;1. Department of Management Control and Information Systems, School of Economics and Business, Universidad de Chile, Diagonal Paraguay # 257, Santiago, 8330015, Chile;2. Department of Finance and Accounting, University of Exeter Business School, Streatham Court, Rennes Drive Exeter, EX4 4PU, UK;1. University of Edinburgh, UK;2. European Capital Markets Cooperative Research Centre, Pescara, Italy;3. Koç University, Turkey;1. Accounting and Finance Department, University of Leeds, Leeds, LS2 9JT, United Kingdom;2. Finance and Accounting Department, Adnan Kassar School of Business, Lebanese American University, Chouran, Beirut, 1102 2801, Lebanon;3. School of Economics and Business Administration, International Hellenic University, 14th klm Thessaloniki-Moudania, 57101, Thessaloniki, Greece;4. University of Bristol Business School, University of Bristol, Priory Road, Bristol BS8 1TN, United Kingdom |
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| Abstract: | This paper explores the impact of the UK's Modern Slavery Act (2015) on the disclosure of the FTSE100 companies. It conducts a content analysis of modern slavery disclosures in the modern slavery statements, annual reports, and sustainability reports from 2013 to 2019. By utilising the framework by the Business & Human Rights Resource Centre, Practical Guidance by the Home Office and the Global Reporting Initiative, we assess the extent and quality of modern slavery disclosures. Our analysis reveals a high level of compliance to the Act's minimum disclosure requirements. We also note an increase in the extent and quality of disclosures following the introduction of the Act, although quality remains low throughout the period as symbolic disclosure is predominantly in evidence. Drawing on normativity theory we identify intrinsic and contextual conditions for norm development. We find that while the presence of intrinsic conditions has positively contributed to the extent and quality of some disclosure themes, the lack of controllability and communication with suppliers has undermined related disclosure provision and constitutes a major hurdle for improving accountability in supply chains. |
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| Keywords: | Modern slavery act Modern slavery disclosure Substantive disclosure Symbolic disclosure Content analysis Normativity Norm conditions FTSE |
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