Modern Slavery Transparency Statement for Legal & General Group Plc.

As a business with over £36m turnover we wanted to explain our approach and processes around making sure that Legal & General Group Plc is slavery free in doing business under the UK Modern Slavery Act. We already incorporate and report on a yearly basis our commitment to the UN Global Compact.

Our business 

We are a $1.2 trillion fund management, insurance and savings business with responsibility for financial safety nets for over 10,000 million retail customer and over 3,500 institutional investors. In running our businesses in the UK, USA and Holland we employ approximately 10,000 people to provide service to our customers and procure around £500m worth of products and services per annum to deliver our promises to these customers at their point of need.

In preparing for our work on our adherence to the modern slavery Act we are hugely appreciative to the network of NGO’s for their help and advice.

We strive to ensure that slavery and human trafficking is not taking place within any part of Legal & General Group and our supply chain.

We pay particular attention to the following higher risk parts of our business when testing our existing processes.

  • In our temporary workforce as a direct employer
  • In our second and third tier supply chains such as managing agents
  • In our commercial property business particularly where construction projects are taking place

This priority list will be reviewed on an on-going basis to keep us current as the business changes. For example as we recruit for our new business

Risks and Controls

We have taken the stance to focus upon all suppliers irrespective over whether they are over £36m turnover or not. What this mean is that the following is in place as risks and controls in our business.

Directors and Principles of our suppliers are required to sign up to our sustainable procurement policy which guarantees that their businesses supplying product and service to Legal & General are slavery free.

This is detailed in our (PDF:) Sustainable Procurement Policy (PDF, 115KB).

For new and existing suppliers we are using NGO monitoring tools giving us risk scores as early warning systems to see how suppliers are doing against ILO principles (PDF) as an indicator of non compliance to our stance on Modern Slavery.

If evidence of higher social risk occurs around the ILO’s indicators of forced labour we will escalate this through the supplier manager to understand whether this is indicative of breaching our Modern Slavery standards.

All employees are made aware of the important role that they play in identifying signs of breaches to our policy within our employee base and within suppliers they are working with and are actively encouraged to report their concerns via our (PDF:) Whistleblowing Policy (PDF, 1.50MB).

If you have any feedback on our performance in this area please contact, Chair of the Corporate Responsibility & Ethics Committee in the first instance.

This policy is owned and overseen by Dr Nigel Wilson, Group CEO of Legal & General Group Plc on behalf of the Group Board.

May 2016

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