Introduction
The UK Modern Slavery Act 2015 introduced a requirement for covered commercial organisations operating in the UK to report annually on the steps that they have taken during the preceding financial year to ensure that slavery and human trafficking are not taking place in their own business or in their supply chains.
Personal Assets Trust plc (the “Company”) is an investment trust managed by Troy Asset Management Limited. Its investment policy is to protect and increase (in that order) the value of shareholders’ funds per share over the longer term.
The Company is not within the scope of the Modern Slavery Act 2015 and is therefore not obliged to make an anti human trafficking statement. However, the Company has chosen to make this statement available for each financial year as a matter of good corporate governance and its commitment to high business standards throughout its supply chains.
Employees
The Company has no employees. All Non-Executive Directors have been made aware of the provisions of the legislation and the Board discusses and reviews this statement annually.
Suppliers
Whilst the Company is not within the scope of the Modern Slavery Act 2015 because it has no turnover or employees, it has considered its supply chains to be of low risk. The Company’s supply chain is limited and its suppliers include Troy Asset Management Limited as Investment Manager, Juniper Partners Limited as AIFM, Company Secretary and Administrator and a number of other professional firms and advisers. The Company aims to deal with reputable and well-established suppliers. As part of its oversight responsibilities the Board reviews all suppliers on an annual basis.
The Company takes a zero-tolerance approach to slavery and human trafficking and expects all those it deals with to demonstrate the same attitude.
Risk Assessment
As noted above the Board considers the Company’s supply chains to be of low risk. In making this assessment the Board takes into account the nature of the services provided, together with business reputation, regulatory status and geographic location. The Company’s suppliers are regularly reviewed by the Board including as assessment of their internal controls and policies and are asked to provide assurances to the Board that they operate in the accordance with the legislation. Formal arrangements are in place at each supplier which enable members of their staff to raise any issues of concern regarding unlawful conduct with the Board confidentially.
Approval
This statement has been approved by the Board for the financial year ended 30 April 2024 and will be reviewed annually.
Iain Ferguson CBE
Chairman
1 May 2024