Votes Against Slavery report 2024-2025

16 October 2025

Our report outlines how 31 FTSE 350 and 81 Aim firms became compliant with the Modern Slavery Act, thanks to investor action in 2024–2025.

Article last updated 17 October 2025.

In our 2024-2025 report, we set out the coalition's achievements in 2024 and its work in 2025. We also showcase case studies and describe Rathbones' policy engagements on modern slavery since 2014.

Modern slavery remains a global crisis, with an estimated 50 million people trapped worldwide – including 28 million in forced labour. The UK’s Modern Slavery Act 2015, and especially section 54, was designed to bring business into the fight by requiring companies to investigate and report on modern slavery in their supply chains.

Yet, a decade on, compliance is still inconsistent, and enforcement remains weak.

We’re proud that the coalition has grown to 168 investors in 2024, representing £2.96 trillion in assets under management, and that our focus has expanded from companies in the FTSE 100, to the FTSE 350 to now include the Aim market as well.

Download the report

Votes Against Slavery is a coalition of investors, started by Rathbones in 2020, who use their voting power to drive transparency and compliance with the UK Modern Slavery Act’s section 54 among UK-listed companies and their supply chains. By coordinating research, engagement, and strategic voting, the coalition compels companies to take meaningful action against modern slavery and sets higher standards for corporate responsibility.

2024 achievements: Generating real change

31 of 32 non-compliant FTSE 350 companies now compliant

81 of 126 non-compliant Aim companies now compliant

168 members managing managing £2.96 trillion now in the coalition

Coordinated an investor coalition supporting inclusion of Transparency in Supply Chains reporting in the Modern Slavery Act.

Made joint submissions to a number of government consultations and committees.

Quoted in Home Office’s 2025 Transparency in Supply Chains Statutory Guidance.

Case studies: Engagement in action in 2024

AB Dynamics

After engagement, the company introduced tailored modern slavery training for staff and management.

Eco Animal Healthcare

Enhanced its whistleblowing policy and improved disclosure in its modern slavery statement.

C&C

Updated its statement to include CEO sign-off after coalition feedback.

Personal Assets Trust

Improved the quality and visibility of its modern slavery statement following ongoing engagement.

Plans for 2025

In 2025, the coalition is targeting 26 non-compliant FTSE 350 companies and 60 non-compliant Aim companies.

We’re also continuing our joint policy engagement with CCLA where we are speaking to the Home Office on how to strengthen the quality of section 54.

Get involved in the coalition

If you’re interested in joining Votes Against Slavery or would like to know more, please contact us at stewardship@rathbones.com.

Further information

Our insights on responsible investment

Read

Our approach to responsible investment

Discover

Our voting record

Explore

Our Modern Slavery Statement

Open

Let's talk

Ready to start a conversation? Please complete our enquiry form, we look forward to speaking with you.

Enquire

The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.