Votes Against Slavery 2020-2025: Six years, six lessons

15 October 2026

Six years ago, we set up Votes Against Slavery to make sure UK-listed companies meet their legal duty to report on modern slavery. Our new report looks back at what we've learnt, and at what needs to happen next.

Article last updated 16 October 2026.

Modern slavery is a serious crime and a profound violation of human rights. Around 50 million people were trapped in modern slavery in 2021, according to the United Nations' International Labour Organization. More than a decade after the UK Modern Slavery Act came in, the problem is still growing.

We launched Votes Against Slavery (VAS) in 2020 with the support of 20 investors. Today, the coalition brings together 168 investors with £1.7tn in assets under management, and its scope has grown from the FTSE 350 to include AIM-listed companies. Each year, we review companies' modern slavery statements and write to those that fall short of Section 54 of the Act. We also make it clear that coalition members may vote against management at the annual general meeting (AGM) if nothing changes.

Our new report brings together the data and insights from all six years. It's a call to action, and our contribution to the debate on how the UK should tackle modern slavery in future.

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.

Learn more about Votes Against Slavery

Open the report

Six years of Votes Against Slavery

Investors in the coalition

168

Combined assets under management

£1.7tn

Instances of non-compliance found across 160 FTSE 350 companies

194

Of engaged companies compliant by the end of each year

90%+

What we've learnt

The report draws six lessons from six years of investor engagement.

The number 1 in a blue circle

Non-compliance is a systemic issue

We found 194 instances of non-compliance across 160 FTSE 350 companies. The failures are widespread, not isolated.

The number 2 in a blue circle

The most common failure is a lack of Board oversight

Missing or unclear Board approval was the main reason statements fell short, with 82 instances.

The number 3 in a blue circle

Engagement works in the short term

After our engagement, compliance has passed 90% by the end of every year. But fixing a statement doesn't always fix the knowledge gaps behind it.

The number 4 in a blue circle

Stagnant reporting is a problem

Many companies copy their statement word for word each year, with no sign of progress or meaningful updates.

The number 5 in a blue circle

Misunderstandings persist

Basic requirements are still often misunderstood, such as linking the statement from the homepage or covering the right reporting period.

The number 6 in a blue circle

Guidance is weak for investment companies and financials

Unclear rules lead to inconsistent reporting and a reluctance to publish statements.

Votes Against Slavery 2020–2025: Six years, six kessons

The evidence from six years of VAS demonstrates that investor engagement alone cannot deliver systemic change.

What needs to change

The Modern Slavery Act was world-leading when it came in. But without enforcement, there are few consequences for companies that don't comply. We believe the next step is mandatory Human Rights Due Diligence (HRDD) legislation. It should go beyond modern slavery to cover wider human rights risks, and work alongside other rules such as the EU's Corporate Sustainability Due Diligence Directive.

We've already taken this case to the UK Government, alongside CCLA. In December 2025, we wrote to key ministers with the backing of 25 investors representing £1.45tn. In April 2026, we followed up with a letter to the Prime Minister and the Chancellor, supported by 32 other investors representing £1.6tn.

VAS is now in its seventh year, and we'll keep going. We'll continue to use our voice as an investor to drive change for the benefit of the economy and the people within it.

2020
VAS launches with the support of 20 investors

2024
Scope widens to include AIM-listed companies

December 2025
Letter to ministers calling for HRDD, backed by 25 investors (£1.45tn)

April 2026
Letter to the Prime Minister and the Chancellor, backed by 32 other investors (£1.6tn)

2026
Seventh year of VAS underway

Read the full report

Six years of engagement with companies, 194 instances of non-compliance and the key lessons learnt.

Open the report

Get involved in the coalition

If you’re interested in joining Votes Against Slavery or would like to know more, please contact us at [email protected].

Further information