The Responsible Investment Association Australasia (RIAA) welcomes today’s announcement of a joint National-Labour Modern Slavery Bill, describing it as a significant and long-overdue step forward for Aotearoa New Zealand.
The Bill, co-sponsored by National MP Greg Fleming and Labour MP Camilla Belich, seeks to address a major gap in New Zealand law to protect Kiwi consumers, businesses and investors. It also moves the country closer to alignment with key international trade partners including Australia, UK and EU, all of which already have modern slavery laws in place.
“This is welcome news that Kiwis have been calling for over many years,” said Dean Hegarty, Co-CEO of RIAA. “We cannot continue to risk New Zealand becoming a dumping ground for forced labour products as laws overseas push these goods out to us.”
RIAA has led a joint statement supporting the introduction and passage of modern slavery laws. First released last year, the statement now has 30 signatories across finance, investment and the broader business community, accounting for more than NZD 264 billion.
The breadth of support demonstrates strong private sector backing for establishing clear, consistent expectations to address modern slavery risks across operations and supply chains.
“There’s a persistent but false narrative that regulation is inherently bad for business,” Hegarty said. “This is a clear example where businesses acting in the best interests of human beings also amount to acting in the best interests of the economy, as they understand that strong standards underpin economic growth.”
RIAA noted that modern slavery laws also play an important role in supporting New Zealand’s broader economic objectives. The ability to compete in global markets and attract investment is critical to lifting productivity and supporting long-term growth – priorities shared across both government and opposition.
Clear alignment with international standards helps safeguard market access, strengthens consumer and investor confidence and reinforces New Zealand’s reputation as a trusted place to do business.
Over the past three years, various commitments have been made by leaders from both major parties when in power to strengthen New Zealand’s approach to modern slavery. With the Bill now introduced, Hegarty said the focus must shift from intent to delivery.
“Three years is long enough. This problem, of New Zealand’s failure to properly legislate to combat modern slavery, has been discussed, consulted on and publicly committed to across the political spectrum. What matters now is to ensure pragmatism and the Bill progresses without delay.” Hegarty said.
Now that the Bill has been introduced, RIAA expects robust consultation with stakeholders through the parliamentary and Select Committee process and looks forward to working constructively with government and industry to support legislation that is practical, effective and fit for purpose.
The updated joint statement, including the full list of signatories, is available here.
For further information, please contact:
• Dean Hegarty, Co-CEO, RIAA, dean@responsibleinvestment.org, +64 224 710 653; or
• Ada Tso, Head of Marketing & Communications, RIAA, ada@responsibleinvestment.org, +61 481 308 718
