Introduction
This Transparency Statement is made pursuant to section 54(1) of the Modern Slavery Act 2015 (the “Act”). It constitutes the joint Transparency Statement for each of N.M. Rothschild & Sons Limited, Rothschild & Co Wealth Management UK Limited and Five Arrows Managers LLP (together referred to as the “Reporting Entities”), for the financial year ending 31 December 2022. Each of the Reporting Entities is a member of the Rothschild & Co Group (“we” or the “Group”).
This Transparency Statement explains the steps we have taken over the past financial year to assess the risk of modern slavery being apparent within our business and in our supply chain. It also documents the measures we have taken to address these risks.
Robert Leitão
Director
N.M. Rothschild & Sons Limited
1 June 2023
Jonathan Westcott
Director
Rothschild & Co Wealth Management UK Limited
1 June 2023
Aldo di Rienzo
Director
Five Arrows Managers LLP
1 June 2023
Our business and values
Rothschild & Co is a leading global financial services group with a practice encompassing Global Advisory, Wealth Management, Asset Management and Merchant Banking. As a family-controlled business with more than 200 years of heritage, at Rothschild & Co we know that long-term value creation depends on the balanced consideration of the interests of all our stakeholders. Our expertise, intellectual capital and global network enable us to provide a distinct perspective that makes a meaningful difference to our clients, communities and planet.
Rothschild & Co’s compliance systems, policies and procedures are aimed at setting standards for all employees and individuals working for Rothschild & Co, supported by targeted and mandatory trainings to mitigate risks. Rothschild & Co places great emphasis on responsible business conduct, based on personal accountability and commitment in the way employees work with each other, clients and partners.
Modern Slavery Working Group
In order to drive this project forward, we have convened a Modern Slavery Working Group since 2019. This Working Group includes members of Group Legal, Group Sustainability, Group Procurement, Business Continuity & Crisis Management and Human Resources. In 2022, we widened the scope of the Working Group to include our Group Financial Crime team.
It is this Working Group that works together to set the strategy for the year ahead and to prepare the Transparency Statement.
Sustainability
In 2021, the Group decided to formalise its long-term ambition to use its influence and expertise to support the sustainability transition of the global economy as a key pillar of Group strategy, and to further drive business line strategy integration. The Group has set a common strategic priority framework, shown in the diagram below, to provide clear focus in ensuring that sustainability is a strategic imperative across the Group’s business model.
These priorities include working against inequality and safeguarding responsible business conduct and our response to the Modern Slavery Act is supporting theses priorities.
The Group ESG priority framework
Environment (E)
- Support and contribute to the transition to a low carbon economy
- Support the preservation and protection of biodiversity
People and Society (S)
- Champion diversity of perspective
- Ensure employee wellbeing
- Work against inequalities
Business Practices (G)
- Safeguard responsible business conduct