"• Investment Managers: Completion of our modern slavery risk assessment of our Investment Managers, use of our leverage and influence to encourage Investment Managers to consider and address their modern slavery risks and embedment of a modern slavery assessment into Investment Research Due Diligence;"
"The key areas that were identified as part of the risk mitigation cycle, and the areas that Netwealth subsequently focused on in FY2021, were:
Investment Managers - Very Low"
"In FY2020, Netwealth commenced a review of our Investment Managers, which classified each investment product based on the modern slavery risk presented by reviewing the industry and jurisdiction of their product. We pledged a commitment to complete the review of our high-risk Investment Managers, as there were 14 who had not yet provided an adequate response to our request around their approach to modern slavery. Out of those 14, 8 provided evidence of their Modern Slavery Statement or ethical procurement policies, 1 had been bought out, 1 did not respond and 4 stated that they were not preparing a Modern Slavey Statement or reviewing the risks of modern slavery within their own supply chains."
"Netwealth decided in FY2021 that it was also appropriate to conduct a further review on our Investment Managers who we had deemed to be medium risk, to ensure that we are adequately identifying and addressing the areas where risks could be present. This involved contacting a further 45 Investment Managers. Out of those 45, 33 identified that they had either produced a Modern Slavery Statement or were currently working towards it, 7 stated that they were not preparing a Modern Slavery Statement or reviewing the risk of modern slavery within their own supply chains, and 5 did not respond."
'3.2.3 Investment Manager Due Diligence Netwealth has also worked in FY2021 to embed a modern slavery assessment into the Investment Research due diligence process. When onboarding a new Investment Manager or renewing an agreement, the due diligence template has been updated to ask for evidence that their company is considering modern slavery risks."
"3.2.4 Effectiveness Measures
• How many Investment Managers assess modern slavery risks in FY2022 compared to FY2021
• How many Investment Managers ask Netwealth for assistance in assessing their modern slavery risks"
I have changed the answer to No because the above refers to Investment Manager due diligence