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Modern slavery is a crime consisting of slavery, servitude, and compulsory and forced labour and human trafficking. All forms of modern slavery are a violation of fundamental human rights and have a devastating and depriving effect on a person’s individual rights in return for exploiting the individual for personal or commercial gain.
Princess Yachts Limited has a zero tolerance approach to any form of modern slavery and continuously works to ensure that our systems and controls are effective in safeguarding all members of our organisation from any form of modern slavery.
We understand the potential for risk in our supply chain which includes the possibility of modern slavery.
We are committed to continuously improving our practices to combat slavery and human trafficking and are proud of the steps we have taken which include the introduction of our Anti-Slavery, Anti -Modern Slavery and Anti-Human Trafficking Policy.
We encourage and expect all of our staff, suppliers and distributors to report concerns and management are expected to act upon them.
Our Supply Chains
Over fifty years we have developed a broad network of suppliers reaching across the UK and Europe. We maintain a preferred supplier list and conducts due diligence on all suppliers before approving them as a preferred supplier.
As part of our agreements with all of our suppliers, they are required to confirm that all parts of their operations meet the standards of our policy or adhere to their own policy which is of a similar standard.
Recently we have worked to improve our supply chain processes including the way in which we engage with new suppliers and carry out due diligence to ensure our approach to working fits theirs.
We recognise the importance of us taking a more proactive role in making our supply chain more transparent, including attending facilities and having more regular contact with our key contacts within the suppliers.
Our Distributor Network
Having developed fantastic relationships with successful distributors globally, we are keen to understand their operations and approach to issues including modern slavery and human trafficking and to encourage a uniformed and consistent approach across all areas of the business. We recognise the challenges of working across many legal jurisdictions and practices and are dedicated to improving our transparency and communication channels.
Our Policies on Slavery and Human Trafficking
This year we have updated and introduced a number of our internal policies to ensure that we are operating in an ethical and transparent manner. All of our policies set out our stance and have been shared internally across our company, group companies and subsidiaries.
Our existing supplier and distributor contracts require compliance with such standards, and include our approach to tackling modern slavery:
Our Anti-Slavery, Modern Slavery and Human Trafficking Policy sets out our zero-tolerance stance on modern slavery and human trafficking and provides guidance to our employees on identifying and reporting instances.
Our Recruitment Policy outlines our approach to safeguarding all employees against human trafficking and/or slavery.
Our Whistleblowing Policy provides information and encouragement to our employees so that concerns can be raised about how colleagues are being treated, or practices within our business or supply chain, without fear of reprisals.
Our effectiveness in combating Slavery and Human Trafficking
We annually review the effectiveness of our policies and steps that we have implemented to ensure that no element of slavery and/or human trafficking is taking place within our business or its supply chain. We will consider:
The number of reports received from employees, the public, or law enforcement agencies which have identified modern slavery practices; and
The awareness and understanding of modern slavery across the business, its supply chain and distributor network.
This statement is made pursuant to section 54(1) of the Modern Slavery Act 2015 and constitutes our organisation’s slavery and human trafficking statement for the current financial year.