Modern Slavery Act Statement
Privilege Project Finance Ltd anti-slavery and human trafficking statement for the financial year ended 31 December 2017
Privilege Project Finance Ltd (PPF) is a leading finance company providing funds for the acquisition and development of renewable energy projects.
Previously known as Eastern Counties Finance Ltd, PPF was established in 2001 and employs 18 staff, operating in the UK.
PPF is a financial services provider, with a limited supply chain which predominantly focusses on procuring professional and technology services, with most of its suppliers based in the UK and the EU.
Policy and principles
PPF is committed to complying with its obligations under the Modern Slavery Act and other relevant legislation relating to the detection and prevention of modern slavery and human trafficking. In particular, PPF is committed to implementing and enforcing effective systems and controls that seek to ensure that modern slavery is not taking place anywhere in its business or in its supply chains and identify and manage any incidents which do arise.
Consistent with its obligations under the Modern Slavery Act, PPF is committed to ensuring there is transparency in its own business and in its approach to tackling modern slavery throughout its supply chains. PPF expects the same standards from its contractors, suppliers and other business partners.
Actions taken in financial year ended 31 December 2017
During the financial year ended 31 December 2017, PPF took the following steps with the intention of ensuring that slavery and human trafficking does not take place in its business or supply chains:
- Modern Slavery Policy
Development of the policy has begun. The policy will apply to all directors, employees, temporary staff and contractors. All company policies and procedures are being reviewed for integration requirements.
- Standard Contractual Documentation
New updated contractual provisions requiring suppliers to comply with the Modern Slavery Act are being developed for relevant new and renewed supplier relationships.
- Risk Assessments
The identification of the supply chain and the risk assessments of the supply chain includes more detailed and standardised risk assessment and due diligence processes to identify and mitigate against risks, including those of modern slavery, is in progress.
The newly developed policies and procedures will be embedded during the 2018 financial year and will further enhance the transparency of supply chains and enable a more effective risk-based approach to third party management. This development will ensure that PPF is better able to identify and then effectively mitigate the risks of modern slavery across its supplier landscape.
This statement is made with respect to the financial year ended 31 December 2017 in accordance with section 54(1) of the Modern Slavery Act 2015. This statement covers PPF and has been approved by the Board of Directors. The statement will be reviewed and updated (if necessary) annually to reflect PPF’s ongoing commitment to ensuring that its business and supply chains are free from slavery and human trafficking.
Chief Executive Officer and Director, Privilege Project Finance Ltd