This is the Modern Slavery Statement (“MSS”) for The Economist Group for the year ended 31 March 2021. This MSS is published pursuant to section 54(1) of the Modern Slavery Act 2015 in the UK. It details the actions taken and measures in place to ensure that slavery and human trafficking does not occur in our supply chains or in any part of our business.
We are confident that there is no modern slavery or human trafficking within our organisation, and we are committed to ensuring that we do not deal with suppliers who engage in modern slavery or human trafficking.
Our group structure
The Economist Group consists of its parent company, The Economist Newspaper Ltd and its subsidiaries. This MSS is made by The Economist Newspaper Ltd, The Economist Newspaper NA Inc and The Economist Intelligence Unit Ltd - however, it also applies to, and is made in respect of, The Economist Group as a whole.
The Economist Group has employees worldwide and operates in countries around the world including in North and South America, Asia, Europe and the Middle East and Africa.
The Economist Group’s mission to enable progress through actions led by evidence. The Economist Group is the leading source of analysis on international business and world affairs, providing trusted information, analysis, data and expertise that help people and organisations understand and tackle critical challenges. We deliver our information through our core businesses, which comprise printed and electronic newspapers and magazines, intelligence and consultancy services, policy and insight services, events and conferences and educational programmes.
Our supply chains
Our supply chains include suppliers of event spaces for conferences, IT and other office equipment and support services, marketing services from technology companies, professional services from our lawyers, accountants and other advisers, office cleaning and other office facilities services, print production and magazine distribution services.
Our policies on modern slavery and human trafficking
We are committed to acting ethically and with integrity in all our business relationships and to implementing and enforcing effective systems and controls to ensure modern slavery and human trafficking are not taking place anywhere in our business or supply chains. This commitment is reflected in our Guiding Principles.
Due diligence processes for modern slavery and human trafficking
As part of our initiative to identify and mitigate the risk of human slavery and human trafficking in our supply chains, we conducted an initial review of suppliers across The Economist Group in June 2016 and an additional review in 2019. We monitor our suppliers regularly and conduct periodic in-depth reviews using clear risk evaluation guidelines, with each member of the Leadership Team evaluating suppliers in their supply chains and the results then being reviewed.
We have determined that we are in low risk industries, characterised by low volume, high value work activity, and we are confident that there is no modern slavery or human trafficking taking place within our direct organisation. Our risk assessment process has led us to conclude that the vast majority of our suppliers are similarly low-risk. Parts of our supply chains, however, are in industries that do pose a medium risk because suppliers in these areas may rely on seasonal, low paid and low skilled workers – for example in our events business, where we routinely hire hotels and function rooms. In any instances where we feel there is such a risk, we contact our existing suppliers in writing, reminding them of our values and ethical standards, and reiterating the expectations we have when working with them. We expect to conduct further supplier risk reviews in the future.
We have also implemented systems to identify, monitor and mitigate the risk of modern slavery and human trafficking in our supply chains.
Supplier adherence to our values and ethics
We do not tolerate modern slavery and human trafficking. To ensure all those in our supply chains and contractors comply with our values, we have put in place a new-supplier process which both (i) assesses the risk of modern slavery and human trafficking in any new supplier and its own supply chains before we engage with that supplier; and (ii) gives us the ability to monitor and audit suppliers once they have been engaged. Taken together with periodic detailed reviews of suppliers, we believe this process gives us confidence in ensuring our supply chain complies with the Modern Slavery Act.
Our audit, legal and business operations teams are involved in ensuring this process works effectively and will monitor it regularly, adapting as necessary to the changing needs of our business.
To ensure a high level of understanding of the risks of modern slavery and human trafficking in our business and in our supply chains, where appropriate, we ask our business partners to provide training to their staff and suppliers.
Lara Boro, Chief Executive Officer
For and on behalf of The Economist Newspaper Limited, The Economist Newspaper NA Inc, The Economist Intelligence Unit Ltd and the wider Economist Group
Date: 5 October 2021