The Financial Reporting Council (FRC) has published new research, in conjunction with the UK Anti-Slavery Commissioner and Lancaster University, which has identified significant shortcomings in the quality of companies’ modern slavery reporting.

The crime of modern slavery generates an estimated US$150bn annually. According to the International Labour Organisation (ILO), there are more than 40m people in slavery globally, of whom 25m are in forced labour. One in four victims of modern slavery are children.