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 31st December 2023. 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 financial services platform, with offices in Europe, Asia, the Americas, Middle East, and Asia-Pacific.
Our Values and Code of Conduct
In our own business, Marex applies high legal and ethical standards, supports the protection human rights and labour practices across the world; and complies with all applicable laws and regulations.
Marex fully 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”.
The Marex Supplier Code of Conduct lays out the minimum standards and expectations for all suppliers which Marex engages with and uses on a one-off or continuing basis, including our zero-tolerance approach to modern slavery.
A supplier is expected to adhere to appropriate human rights and labour practices in any jurisdiction in which it is established, undertake its business activities, and provide services to Marex. All suppliers are expected to have the appropriate policies, processes, and procedures in place to comply with labour and human rights regulations which should apply to all employees, subcontractors, and supply chain providers.
We reserve the right to terminate a supplier’s contract at any time should instances of modern slavery come to light, 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. Suppliers should have the appropriate processes, policies, and procedures in place to mitigate against slavery, forced and compulsory labour, servitude, and human trafficking in their organization and supply chain.
Prohibition of child labour: we are committed to ensuring all employees meet the minimum age for employment in the relevant country. Suppliers should have the appropriate processes, policies, and procedures in place to mitigate abuse of child labour practices in their organization and supply chain.
Remuneration: this must meet the minimum legal requirements of the relevant country in which the individual works. Suppliers shall comply with all applicable laws regarding wages, working hours, and benefits requirements.
Working conditions: reasonable health and safety measures are taken in maintaining a safe and hygienic working environment.
Suppliers shall comply with applicable Health and Safety laws, for example but not limited to the UK Health and Safety at Work Act 1974 to support safety for all workers (including subcontractors).
Our Modern Slavery Policy
We have implemented a 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 outlines employee’s obligations including the requirement to report any concerns pertaining to modern slavery and human trafficking within our business and supply chains. 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.
Risk and Incident Monitoring, Management and Right to Audit
Marex performs a periodic risk assessment of its exposure to modern slavery and human trafficking.
Considering the regulatory landscape in which Marex operates, and the type of business carried out, we believe our internal business activities continue to be at a low risk of exposure to modern slavery and human trafficking.
We consider there to be a greater risk of modern slavery and human trafficking occurring within our supply chains and have established appropriate due diligence procedures for suppliers during the onboarding process which are periodically reviewed.
We also require our suppliers to include contractual representations prohibiting modern slavery and human trafficking in their contracts with us. These sit alongside existing ethical clauses like the prohibition of bribery and are additional to our Supplier Code of Conduct.
Suppliers are expected to monitor and audit social risks in their supply chain including but not limited to human trafficking, modern slavery, child labour and workplace health and safety.
Training and Awareness
To ensure a suitable understanding of the risks of modern slavery and human trafficking occurring in our supply chains, where we deem there is a high risk of modern slavery or human trafficking within our supply chain or internally, we will organize appropriate training for those relevant employees.
This statement has been approved by Marex’s board of directors.
Ian Lowitt,
Chief Executive Officer
Marex Group plc