23 October, 2026

There are some issues no business wants to find in its own operations or supply chain. Modern slavery is understandably high on that list, but if finding exploitation is automatically treated as corporate failure, what incentive is there to go looking for it?

That was one of the ideas that emerged from a recent panel on modern slavery hosted by our friends at Rathbones. The panel brought together perspectives from Rathbones’ stewardship team, Nottingham University Rights Lab, Justice and Care, International Justice Mission, and Lloyds Banking Group, and the discussion explored how we can encourage businesses to uncover modern slavery issues.

Modern slavery is, by its nature, difficult to see. It can lurk several tiers down a supply chain, happen in the UK as well as overseas, and evolve as technology creates new opportunities for exploitation.

More than a decade on from the UK’s Modern Slavery Act, many businesses are familiar with modern slavery statements, policies and governance processes. However, a well written modern slavery statement is not, on its own, evidence that workers are safer.

The panel made the case for going further: getting closer to workers, being honest about where visibility ends, and ensuring that the Board treats modern slavery as a strategic business issue connected to procurement and everyday decision-making. Crucially, that means listening to survivors too and involving people with lived experience in ways that are meaningful, trauma-informed and never tokenistic. Investors also have a key role to play. Rathbones highlighted the role of stewardship and collective action, including through its Votes Against Slavery initiative, which brings together around 170 investors representing close to £2 trillion in assets under management.

But perhaps the biggest shift needed is a cultural one. Businesses need space to uncover difficult truths, share what they are finding and learn from what isn’t working without every discovery automatically being treated as a failure. Conversations like this one help to create that space. When it comes to modern slavery, finding a problem can be the beginning of progress.

By Charlotte Pounder