Respecting Human Rights and Addressing Modern Slavery

Respecting Human Rights and
Addressing Modern Slavery

At Suncorp we respect human rights and we protect against slavery-like working conditions.

Suncorp is committed to human rights and is a signatory to the United Nations Global Compact which commits to supporting and protecting human rights, eliminating all forms of forced and compulsory labour and the effective abolition of child labour. 

We support the Australian Government’s introduction of the Modern Slavery Act 2018 (Cth), in response to the risk of slavery-like working conditions in the operations and supply chains of Australian companies.

Suncorp’s Responsible Banking and Insurance Policy, Responsible Investment Policy, Code of Conduct and Supplier Code of Practice help us operationalise our human rights commitments. 

  • Our Responsible Banking & Insurance and Responsible Investment policies include commitments to regularly assess portfolio-level ESG risks and opportunities, including modern slavery. 
  • Our Code of Conduct was updated to reference modern slavery and human rights.
  • Our procurement and outsourcing policies were also updated to consider modern slavery.

In FY20, Suncorp commenced the inclusion of modern slavery risks and controls into existing systems and processes with initial focus on procurement, outsourcing and investments. We engaged human rights specialists to lead modern slavery training for key teams across our business to drive awareness about the issue and legislation, and build capability in identifying, managing, mitigating and reporting risks of modern slavery.

We also participated in the development of the ABA’s Modern Slavery guidance for member banks. Suncorp has developed processes to identify and improve how we operate and partner to reduce instances of modern slavery. Suncorp is establishing modern slavery contract clauses in all new supplier agreements, including a requirement for key suppliers to complete annual statements of exposure and risk management.

Suncorp’s Modern Slavery Statement for FY20 reports on how we are identifying and addressing the risks of modern slavery in our operations and supply chain, across Australia and New Zealand.