SCHRODERS PLC modern slavery statement summary (2022)

Organisation address
1 London Wall Place,
London,
England,
EC2Y 5AU

We asked the organisation a series of questions about its modern slavery statement. Its answers are published on this page as a statement summary.

This statement provides information for 5 of 6 recommended areas

What is a modern slavery statement?
UK law requires certain organisations to publish an annual modern slavery statement on their website, setting out the steps they are taking to address modern slavery risks in their operations and supply chains. Read more in the government guidance on publishing modern slavery statements.
Link to full statement
Go to full modern slavery statement on organisation’s website

PDF version of the statement (optional)

There is no PDF version of this statement.

PDF statements were first introduced to the registry for the 2023 statement year.

About this statement summary

All answers relate to the financial year covered by the statement. The organisation is responsible for all the information it provided. Some of our questions are optional, so organisations may not have answered all of them. The statement summary does not replace the full modern slavery statement – below we provide a link to the full statement on the organisation’s website.

Contents

Organisations covered by the statement

SCHRODERS PLC modern slavery statement for 2022 is a group statement covering 9 organisations. See the full list of organisations covered by this statement

Statement period and sign-off details

The statement covers the following period:
1 January 2021 to 31 December 2021

The statement was signed off by:
Peter Harrison (Group Chief Executive)

It was approved by the board (or equivalent management body) on:
23 May 2022

Recommended areas covered by the statement

Government guidance encourages organisations to cover a range of areas in their modern slavery statements, setting out the steps they’re taking to address modern slavery risks in their operations and supply chains. Read about the recommended areas in the statutory guidance.

We asked the organisation to tell us which areas its statement covers.

Areas recommended by government guidance Organisation’s response
The organisation’s structure, business and supply chains Covered
Policies Covered
Risk assessment Covered
Due diligence (steps to address risk) Covered
Training about modern slavery Covered
Goals and key performance indicators (KPIs) to measure the effectiveness of the organisation's actions and progress over time Covered

The organisation’s sectors and turnover

Sectors

The organisation operates in the following sectors:

  • Financial, insurance and real estate activities

Turnover

Its turnover in the financial accounting year of this statement was:

Over £500 million

If the organisation is a public body, this amount is based on the organisation’s budget for the year of the statement.
What does 'turnover' refer to in group statements?
If this is a group statement, this includes the total turnover for all the organisations covered by the statement.

Number of years producing statements

The organisation has been producing modern slavery statements for the following number of years:
More than 5 years
How does this work for group statements?
If the statement is for a group of organisations, this answer applies to the organisation with the longest history of producing statements.

Policies (optional)

We asked the organisation whether its policies include the following provisions in relation to its domestic and international supply chains, as well as its own operations.
Policy provisions we asked about Organisation’s response
Freedom of workers to terminate employment Included
Freedom of movement Included
Freedom of association Included
Prohibits any threat of violence, harassment and intimidation Included
Prohibits the use of worker-paid recruitment fees Included
Prohibits compulsory overtime Included
Prohibits child labour Included
Prohibits discrimination Included
Prohibits confiscation of workers' original identification documents Included
Provides access to remedy, compensation and justice for victims of modern slavery Not included
Other
-

Training (optional)

We asked the organisation whether it provided training on modern slavery, and who it was for.
What counts as training?
We explained that by ‘training’ we meant anything designed to increase knowledge and skills around identifying, addressing or preventing modern slavery risks. This could range from formal training courses to broader awareness-raising activities such as workshops or webinars.
We asked who the training was for Organisation’s response
Your whole organisation No
Your front line staff No
Human resources Yes
Executive-level staff Yes
Procurement staff Yes
Your suppliers No
The wider community No
Other
-

Monitoring working conditions (optional)

Engaging with others

We asked the organisation to tell us who it engaged with to help monitor working conditions across its operations and supply chains.
We asked who the organisation engaged with Organisation’s response
Your suppliers Yes
Trade unions or worker representative groups No
Civil society organisations No
Professional auditors No
Workers within your organisation Yes
Workers within your supply chain No
Central or local government No
Law enforcement, such as police, GLAA and other local labour market inspectorates No
Businesses in your industry or sector No

Social audits

We asked the organisation to tell us about any social audits it used to look for signs of modern slavery.
What are social audits?
A social audit is a review of an organisation’s working practices from the point of view of social responsibility, and should include an evaluation of working conditions in the organisation’s operations and supply chains. By their nature, audits of supplier workplaces represent a snapshot in time.
Organisation’s response
The organisation told us it did not carry out any social audits during the period of the statement.

Grievance mechanisms

We asked the organisation how workers in its operations or supply chains could raise concerns or make complaints.
We asked if workers could raise concerns this way Organisation’s response
Using anonymous whistleblowing services, such as a helpline or mobile phone app Yes
Through trade unions or other worker representative groups No

Other ways of monitoring working conditions

We asked the organisation whether it had any other ways of monitoring working conditions across its operations and supply chains:
Organisation’s response
The organisation did not answer this question.

Modern slavery risks (optional)

Warning Identifying modern slavery risks is a vital step towards eradicating it. The government encourages organisations to be as open and transparent as possible, to improve understanding, collaboration and best practice around tackling this worldwide problem.
We asked the organisation to describe up to 3 priority risks it focused on during the period of the statement, including details of the affected workers, the activity involved, and the location.

Priority risks for this organisation (1 of 3)

As an active investment manager, we recognise that we are linked to potential adverse modern slavery risks through our clients’ investment portfolios.
Questions we asked about this risk Organisation’s response
Where it was most likely to occur Organisation’s response: Organisation selected ‘Other’ and wrote:
Clients' investment portfolios
Who was it most likely to affect Organisation’s response:
  • Women
  • Migrants
  • Refugees
  • Children
In which country Organisation’s response: NO DETAILS PROVIDED
Actions or plans to address this risk Organisation’s response: - Research, analysis and integration - Engaging with our investee companies - Our voting activity

Priority risks for this organisation (2 of 3)

The clients that we provide financial services to may use our products and services for activities (or from proceeds) related to modern slavery.
Questions we asked about this risk Organisation’s response
Where it was most likely to occur Organisation’s response: Organisation selected ‘Other’ and wrote:
Our clients
Who was it most likely to affect Organisation’s response:
  • Women
  • Migrants
  • Refugees
  • Children
In which country Organisation’s response: NO DETAILS PROVIDED
Actions or plans to address this risk Organisation’s response: We only provide financial services to clients who meet our Group principles including our Group Financial Crime Risk Appetite Statement. We ask a number of questions to ensure our clients are legitimate and validate this with independent information wherever possible. For example, we have controls in place to ensure that funds we receive are not from the proceeds of crime.

Priority risks for this organisation (3 of 3)

We recognise the widely held view that most global companies will have modern slavery somewhere in their supply chain. Our risk assessment methodology identified 438 'higher risk' tier one suppliers.
Questions we asked about this risk Organisation’s response
Where it was most likely to occur Organisation’s response: Within your supply chains.
  • Tier 1 suppliers
    Provide their products and services directly to your organisation.
  • Tier 2 suppliers
    Provide products and services to your organisation via your Tier 1 suppliers.
  • Tier 3 suppliers and below
    Provide products and services to your organisation via your Tier 2 suppliers or the next higher level in the chain.
Who was it most likely to affect Organisation’s response:
  • Women
  • Migrants
  • Refugees
  • Children
In which country Organisation’s response: NO DETAILS PROVIDED
Actions or plans to address this risk Organisation’s response: Our supply chain modern slavery risk assessment and engagement process: - Establish: refine supply chain methodology - Engage: send modern slavery assessments to all in-scope suppliers - Analyse: responses and follow-up - Screen: all suppliers using a third party database for any negative news - Collaborate: with suppliers and issue corrective action plans - Implement: new controls and procedures - Monitor: continue to collaborate with higher risk suppliers

Indicators of forced labour (optional)

We asked the organisation whether its statement refers to finding any International Labour Organization (ILO) indicators of forced labour.
What are ILO indicators of forced labour?
The International Labour Organization (ILO) has produced a list of the most common signs of forced labour. They’re based on the definition of forced labour as ‘all work or service which is extracted from any person under the menace of any penalty and for which the said person has not offered himself voluntarily.’ More details and guidance are available on the ILO website, and in their publication ILO indicators of forced labour
Organisation’s response
The organisation told us its statement does not refer to finding any International Labour Organization (ILO) indicators of forced labour.

Demonstrating progress (optional)

We asked the organisation how its statement demonstrates progress over time in addressing modern slavery risks. They provided the following answer:
- No. of human rights-related engagements across our clients’ investment portfolios - No. of human rights-related shareholder resolutions we voted on and % of resolutions we voted ‘for’ - No. of instances of modern slavery reported through our grievance mechanisms - Modern slavery e-learning completion rate - % of critical suppliers that have agreed to our Supplier Code of Conduct - No. of modern slavery engagements with suppliers - No. of suppliers who have agreed to corrective actions