This statement is made by Marex Group plc on behalf of itself and its affiliates (collectively “Marex”), pursuant to section 54 of the Modern Slavery Act 2015 (the “Act”) for the financial year ending 31 December 2020. The statement sets out the steps that we have taken to minimise the risk of modern slavery existing in our business or supply chains.
Marex is a leading global commodities brokerage headquartered in London, with offices in Europe, Asia and North America.
Our values and policies
As a global enterprise, we are rightly held to high standards in all that we do. Marex recognises its corporate responsibility and is committed to maintaining a culture within which ethical behaviour is promoted. Marex supports the Act’s objectives to eradicate modern slavery, which it defines as “slavery, servitude and forced or compulsory labour” as well as “human trafficking”.
While Marex recognises that our suppliers operate within different legal and cultural environments, our Supplier Code of Conduct outlines the basic ethical requirements that our suppliers must adhere to in order to do business with us, including our zero tolerance approach to modern slavery, namely:
Prohibition of slavery and forced labour: we condemn the abhorrent practices of slavery, forced and compulsory labour, servitude and human trafficking. Be it through coercion, intimidation, verbal or physical threats of violence to the individual or their family, bondage or any other means that violates that individual’s liberty.
Prohibition of child labour: we are committed to ensuring all employees meet the minimum age for employment in the relevant country.
Remuneration: this must meet the minimum legal requirements of the relevant country in which the individual works.
Working conditions: reasonable health and safety measures are taken in maintaining a safe and hygienic working environment.
We reserve the right to terminate a supplier’s contract at any time should instances of modern slavery come to light.
Risk Assessment
In light of the regulatory landscape in which Marex operates, we believe we continue to be at a low risk of modern slavery and human trafficking existing within our business. Nonetheless, we have implemented an internal modern slavery policy that sets out our zero tolerance approach to modern slavery and human trafficking in our business and supply chains. The policy also provides details to employees on how to report any suspicions pertaining to modern slavery. Further, as per our whistleblowing policy, we actively support employees in raising concerns if they believe that anything illegal or unethical (including, but not limited to a breach of our policies) is taking place.
We consider there to be a greater risk of modern slavery and human trafficking occurring within our supply chains and have enhanced our due diligence procedures for suppliers during the on-boarding process. We have also developed contractual representations prohibiting modern slavery and human trafficking that we require all suppliers to include in their contracts with us. These sit alongside existing ethical clauses like the prohibition of bribery. This is in addition to our Supplier Code of Conduct.
Training and Awareness
To ensure a suitable understanding of the risks of modern slavery and human trafficking occurring in our supply chains, and where we deem there is a high risk of modern slavery or human trafficking within our supply chain or internally, we will organise externally sourced training for those relevant employees.
This statement has been approved by Marex’s board of directors.
Ian Lowitt,
Chief Executive Officer
Marex Group plc