CITIGROUP GLOBAL MARKETS LIMITED modern slavery statement summary (2024)

Organisation address
Citigroup Centre,
Canada Square,
Canary Wharf,
London,
E14 5LB

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 all 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

Warning The file has been uploaded directly by CITIGROUP GLOBAL MARKETS LIMITED and has not been reviewed, assessed or moderated by the Home Office for suitability and accessibility.
If you need an accessible version of this PDF file, please contact CITIGROUP GLOBAL MARKETS LIMITED for further assistance.
Download

Citi 2023 UK Modern Slavery Act Statement.pdf

File uploaded: 27 June 2024 at 4:41pm
PDF | 1.61 MB

Download file

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

CITIGROUP GLOBAL MARKETS LIMITED modern slavery statement for 2024 is a group statement covering 5 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 2023 to 31 December 2023

The statement was signed off by:
Tiina Lee (UK Citi Country Office, CGML CEO)

It was approved by the board (or equivalent management body) on:
2 May 2024

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 Not covered
Citi is reviewing metrics via its internal governance.

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 Not included
Provides access to remedy, compensation and justice for victims of modern slavery Included
Other
Further detail on Citi's values, governance structure and policies on human rights and other social and environmental issues can be found on its website.

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 Yes
Your front line staff Yes
Human resources No
Executive-level staff No
Procurement staff Yes
Your suppliers No
The wider community No
Other
All UK staff undertook the UK Modern Slavery training for the reporting period.

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 Yes
Civil society organisations No
Professional auditors No
Workers within your organisation Yes
Workers within your supply chain No
Central or local government Yes
Law enforcement, such as police, GLAA and other local labour market inspectorates Yes
Businesses in your industry or sector Yes

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 Yes

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:
HR processes (i.e. Occupational Health and Safety and Employee Relations, pay audits) and employee feedback mechanisms (i.e. VOE). CRQ asks suppliers about their employment practices.

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)

Risks arising from our supply chain, particularly from the procurement of products and services involving low-skilled labor, or sourced from countries with weak governance or labour standards.
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.
Who was it most likely to affect Organisation’s response:
  • Women
  • Migrants
  • Refugees
  • Children
In which country Organisation’s response:
  • India
  • Singapore
Actions or plans to address this risk Organisation’s response: Citi’s Requirements for Suppliers prohibit specific practices that are indicators of forced labour or human trafficking. Suppliers are expected to adopt policies consistent with the Requirements for Suppliers. Since 2017, our master contract templates for supplier activity in EMEA includes modern slavery language. All UK staff and employees within Resource Management Organisation receive training on modern slavery.

Priority risks for this organisation (2 of 3)

Risks associated with human trafficking, the proceeds of which could be laundered through the use of Citi’s global transactional network.
Questions we asked about this risk Organisation’s response
Where it was most likely to occur Organisation’s response: Organisation selected ‘Other’ and wrote:
This risk refers to our business activities, specifically our clients' activities.
Who was it most likely to affect Organisation’s response:
  • Women
  • Migrants
  • Refugees
  • Children
In which country Organisation’s response:
  • China
  • Indonesia
  • Hong Kong
Actions or plans to address this risk Organisation’s response: Note this is not an exhaustive list of countries. Please refer to our 2022 UK Modern Slavery Statement and ESG report for more information about Citi's AML customer due diligence as well as proactive projects and partnerships aimed at combatting money laundering linked to human trafficking and modern slavery.

Priority risks for this organisation (3 of 3)

Risks associated with financing projects or activities involving modern slavery practices.
Questions we asked about this risk Organisation’s response
Where it was most likely to occur Organisation’s response: Organisation selected ‘Other’ and wrote:
This risk refers to our business activities, specifically our clients' activities.
Who was it most likely to affect Organisation’s response:
  • Women
  • Migrants
  • Refugees
  • Children
In which country Organisation’s response: Malaysia
Actions or plans to address this risk Organisation’s response: Note that this is not an exhaustive list of countries. In 2021, Citi’s ESRM team partnered with Citi Malaysia to conduct a portfolio review in Malaysia to determine which Citi clients may have higher risk for potential forced labor practices and whether those clients have policies and procedures in place to address that risk. Further details are available in our ESG Reports.

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:
In 2023 the new redesigned training on modern slavery risk was rolled out to all UK staff as part of the required curriculum; and specific ESRM training was completed by all UK Bankers. In 2023 there have been enhancements to the due diligence process for charitable contributions and also the CRQ was updated to include specific Modern Slavery questions to our suppliers. In 2024 the supplier risk assessment methodology will be updated with the latest Global Slavery Index.