Australia: Nestle comments on Modern Slavery Bill 2018, suggests penalties best considered after grace period
"Nestle says slavery reporting requirements could cost customers", 19 August 2018
One of the world's largest food and drink companies has warned proposed legislation requiring big business to report on their efforts to combat modern slavery could hit consumers' hip pockets.
Nestle...told a senate committee that Australia's proposed mandatory reporting requirements could add "cost and time" to businesses and suppliers "which will need to be borne somewhere".
"While we are of the view that the mandatory requirements are sensible, in practical terms this difference means that multinational companies will have to prepare bespoke statements for each country in which they are required to report," Nestle's submission said.
" ... Not all suppliers may bear those costs themselves; some may pass them on to customers/consumers."
Nestle's submission encouraged the Australian government to examine implementing financial penalties for companies that failed to file a statement. ..."our view is that the absence of penalties will be counterproductive in the medium term, and that penalties for failure to report should be a focus of the three year review," it said...