The Federal Government has given companies including insurers a three-month deadline extension for reporting on actions to address modern slavery risks, while calling for increased vigilance on the issue during the COVID-19 pandemic.

Federal laws require companies with revenue over $100 million to report within six months of their financial year end on actions to address modern slavery risks in businesses and in supply chains.

The deadline extension to nine months recognises the pandemic is affecting many companies obligated to submit statements and provides more time to assess changing risks linked to COVID-19.

McCabe Curwood Principal Mathew Kaley says most insurers and some brokers and agents come under the reporting requirements.

Separate NSW legislation on modern slavery reporting is also expected following the release of a Legislative Council Committee on Social Issues report a few weeks ago.

“While the NSW Government is yet to respond to the report, it will be valuable to consider the likely requirements of the NSW legislation in preparing the Commonwealth Modern Slavery Statement, so that things are on the right path for 2021,” Mr Kaley said.

The deadline extension allows companies with a March 31 year-end to provide their Modern Slavery Statement by December 31, while firms with a June 30 fiscal year have until the end of next March.

The statements will be the first since the reporting requirement was introduced as part of Federal Government measures to address modern slavery, which includes forced labour, debt bondage and human trafficking.