Canadian businesses seek extension on 2024 rules targeting slavery in supply chains
Thomson ReutersJohn McKay, the Liberal MP who put forward Canada's Modern Slavery Act, has expressed concerns about how ready the government and businesses are to implement it.
However, lobby groups, including mining companies and apparel manufacturers, are warning that a perceived lack of clarity about the rules could lead to unwanted penalties and prevent critical goods from entering Canada. Under the new law, companies found to be in violation face penalties of up to $250,000, reflecting an increasing emphasis by global investors on ethical and social governance issues .of 200 Canadian companies on their ESG performance showed that only 50 per cent of the companies disclose management's approach and performance regarding respect for human rights. Automobile, energy and transport companies were the most transparent in terms of disclosing their standards on human rights issues.
"It's incumbent upon the federal government to be ready to receive their filings and to give advice as to what the filing should contain," McKay told Reuters. "I don't think the government is ready yet."
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