REUTERS | Andrew Winning

November vlog: nudging compliance

Reflecting on Richard Thaler’s Nobel prize for Economics in recognition of his work on ‘nudge’ theory, in November’s vlog I highlight a number of recent initiatives where smaller organisations are being gently encouraged to follow guidance or regulation aimed at larger ones.

Last week, I blogged some thinking points for organisations generally arising out of the Parker Review on ethnic diversity at the highest level in our largest companies. In November’s video blog, I consider the implications of the Parker Review generally, as well as the implications for organisastions outside the FTSE 350.

I also discuss the updated guidance on Modern Slavery Act statements and highlight the suggestion that smaller organisations adopt a practice of making a public statement about the steps they have taken to eliminate modern slavery from their business and supply chains.  Doing so means making an ongoing commitment. As Maricella Robles of HP Inc. said in her recent blog post for us: a modern slavery statement is something you have to live and breathe.

Lastly, I have an update on two related developments around enabling smaller businesses to hold larger ones to account for their payment practices: the appointment of the first Small Business Commissioner and refreshed guidance for large companies around reporting on payment policies and practices.

Practical Law In-house Sara Catley

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