Modern Slavery Statement
This Modern Slavery Statement is made in accordance with the Modern Slavery Act 2018 (Cth) by Morgans Holdings (Australia) Limited ACN 050 413 682 and covers the activities of the reporting entity, Morgans Financial Limited ACN 010 669 726, and its related bodies corporate (collectively referred to as Morgans). The parent entity of Morgans is Morgans Holdings (Australia) Limited.
Our structure, operation and supply chains
At Morgans, we recognise that human rights is an area of importance to our employees, shareholders, clients, and the communities in which we do business. We also acknowledge our responsibility in seeking to safeguard human rights through ethical and sustainable business practices.
Morgans is an unlisted public company founded in 1982 and is now one of Australia's largest national full-service stockbroking and wealth management firms, operating from offices and branches in all states and territories.
Our services include stockbroking, financial planning, wealth management and corporate finance including capital raising and corporate advisory. We are also a publisher of research relating to economics, strategy, equities and fixed interest.
Our supply chain includes IT services (both hardware and software), marketing services, hospitality (including food and beverage), corporate travel and transportation, courier and postal services, building and maintenance services as well as labour services such as consultancy services.
Identifying and addressing supply chain risks
As a company within the financial services industry, our risks to cause, contribute to, or be directly linked to modern slavery largely rests in our supply chain.
Following a review of our supply chain, we have identified that there exists the potential for modern slavery in certain industries we interact with, namely hospitality, marketing services, transportation, and building and maintenance services. We believe that is inherent in the nature of these industries that they may be susceptible to poor labour standards, coercion and exploitation.
We have assessed the identified risk areas of our supply chain to better understand and respond to modern slavery risks. Where applicable, we have reviewed the modern slavery statements of identified high risk businesses within our supply chain.
Where no modern slavery statement was identified or provided (because, for example, the relevant business is not required to have a modern slavery statement), we have requested the business to provide a description of:
• the structure, operations and supply chain of the organisation;
Modern Slavery Statement v1.0 09/23
• the risks of modern slavery practices in the operations and supply chains of the organisation (and any entity that it owns or controls);
• the actions taken by the organisation (and any entity that it owns or controls) to assess and address those risks, including due diligence and remediation processes; and
• how the organisation assesses the effectiveness of such actions.
This year – for the first time – Morgans commenced an online process of surveying identified high risk businesses within our supply chain. Given the significant increase in the response rate compared to previous years, Morgans intends to continue this practice going forward.
Our policies and procedures
In addition to our ongoing communication with our suppliers, Morgans maintains the previously implemented internal procedsures to educate staff so that all of Morgans is aware of risks and signs of modern slavery. In 2023 this specifically included awareness training of our Management Committee. As with previous years, we have maintained ongoing due diligence during the process of onboarding new vendors within our supply chain.
Morgans maintains its previously implemented Anti-Slavery Policy. The Policy applies to all staff of Morgans and to our national network of offices and branches. Morgans’ policies and procedures continue to be periodically reviewed to ensure they reflect Morgans’ position on modern slavery. Morgans’ procurement procedures continue to be monitored to ensure they reflect our position on modern slavery and our commitment to ethical and sustainable business practices.
Assessing the effectiveness of our actions
Morgans has an internal team consisting of employees and directors to oversee the continued effectiveness of its modern slavery strategy. Members of that team may undertake internal audits from time-to-time to ensure ongoing and new suppliers undergo a modern slavery due diligence assessment, communicate with suppliers, regularly review internal policies and training as well as update when required.
Morgans took active steps to ensure that its staff did not suffer hardship as a result of COVID-19 lockdowns. We accommodated for our staff by proactively ensuring that systems and technologies were put in place for their working from home whilst the pandemic took its course. While we are pleased to see the worst of the pandemic is behind now us, we have taken steps to ensure that, where possible, these systems and technology continue to operate at a standard that permits staff to work from home in accordance with our Flexibility Policy.
Our process of consultation
Morgans is a group of related bodies corporate. In this respect, we have consulted with senior executives of all group companies in the development of this statement. We also took steps to ensure that these senior executives understand and appreciate their obligations towards preventing modern slavery.
This Modern Slavery Statement for Morgans was approved by the Board of Morgans Holdings (Australia) Limited as the parent entity of Morgans Financial Limited and its related bodies corporate on 11 September 2023.
Chairman, Morgans Holdings (Australia) Limited
14 September 2023
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