Votes Against Slavery (VAS) is a coalition of institutional investors started by Rathbones working to combat modern slavery in UK-listed companies and their supply chains.
By using their voting rights as shareholders, coalition members drive greater transparency, accountability, and compliance with the UK Modern Slavery Act.
What started out as a coalition of 20 investors in 2020 has grown to 168 members, who collectively manage just shy of £3 trillion of assets.
Why is Votes Against Slavery important?
Modern slavery is a global crisis, with an estimated 50 million children and adults trapped worldwide – including 28 million in forced labour. Despite the UK’s Modern Slavery Act 2015, enforcement and compliance remain inconsistent, leaving millions vulnerable and exposing companies and investors to significant risks.
VAS was created to fill the enforcement gap, ensuring that companies not only comply with the letter of the law but also embrace its spirit – protecting human rights and strengthening supply chain resilience.
Why did we start Votes Against Slavery?
Rathbones believes it’s in the best interests of our clients that the companies and securities we invest in adopt best practice in managing environmental, social and governance (ESG) risks that jeopardise the long-term interests of shareholders.
That’s why we launched Votes Against Slavery in 2020, recognising that investors have a unique and powerful role to play in driving corporate change. By coordinating engagement and voting strategies, the coalition compels companies to meet their legal obligations and adopt best practices in tackling modern slavery.
What does Votes Against Slavery do?
Research and targeting
Each year, VAS reviews all FTSE 350 and Aim-listed companies for compliance with Section 54 of the Modern Slavery Act.
Engagement
Non-compliant companies receive engagement letters and are given the opportunity to improve before the AGM season.
Voting
If FTSE 350 companies remain non-compliant, coalition members may vote against management at the AGM.
Follow-up
VAS aims to organise meetings with target companies to discuss their modern slavery statements and strategies, keeping the issue on the Board’s agenda.
Policy advocacy
The coalition regularly engages with the UK Government and policymakers to strengthen legislation and guidance on modern slavery.
What are the Modern Slavery Act’s section 54 reporting requirements?
Companies that fall under the reporting threshold of the Act must demonstrate that they’ve met the following minimum legal requirements:
- Get sign-off from a director: The modern slavery statement must clearly show director sign-off, including the director’s name, job title, and the date of sign-off.
- Update their modern slavery statement every year: The Home Office guidance is that this should be done within six months of the company’s financial year-end.
- Get approval from the board of directors: The statement must state that board approval has been given, with the date of approval.
- Publish the statement on their UK website: The statement must be placed in a prominent location on the company’s homepage.
The impact of the Votes Against Slavery coalition
We regard a lack of compliance – a decade after the Modern Slavery Act's arrival – as a serious matter. As long-term investors, we believe it’s fundamentally important that companies comply with all provisions of the Act to demonstrate a strong commitment to fighting modern slavery.
Annual reports
Explore the coalition's annual progress and achievements:
2024-2025 report
2023 report
2022 report
2020 report
How you can make a difference
Speak to your pension provider
Email or call them to ask how they ensure the companies they invest in are compliant with the Modern Slavery Act.
Encourage action from your pension provider
Let your pension provider know you care about ethical investment and expect them to use their influence as shareholders to drive change.
Think before you buy
Consumers have power in their wallets, so being careful what you buy can play a big role in encouraging or restricting slavery. For example, a £4 t-shirt can only be produced by child labour, and cash-only nail bars and car washes often feature slavery. Many victims are hidden in supply chains, private homes, and even in care systems.
How to get involved in the Votes Against Slavery coalition
If you work for an investment company and you’re interested in joining Votes Against Slavery or would like to know more about the initiative, please contact stewardship@rathbones.com.