Formula 1 Modern Slavery Act Transparency Statement
This statement is made in accordance with section 54 of the Modern Slavery Act 2015 on behalf of Formula One Management Limited, Formula One World Championship Limited, Formula One Hospitality and Event Services Limited and Formula One Marketing Limited (Formula 1 Companies?or?we) and has been approved by their respective boards of directors. ?This statement sets out the steps we have taken in our last financial year, and which we continue to take, to identify and combat the risk of modern slavery occurring in our business activities and supply chains.
We are committed to guarding against modern slavery risks globally throughout our operations and to assessing the potential impacts of our activities. This commitment is underpinned by our Human Rights Statement and the Formula 1 Code of Conduct (Code).
The Formula 1 Companies hold the exclusive commercial rights to the FIA Formula One World Championship (Championship) which is an annual, approximately 9 month long, motor racing competition in which teams compete for the Constructor’s Championship and drivers compete for the Driver’s Championship.? It is a global series taking place in 21 countries, over 4 continents.? We employ approximately 450 members of staff, the majority of whom are based in the UK.
We assess the risk of modern slavery in our supply chain on an ongoing basis and are particularly mindful of the heightened risk in the areas of circuit labour (which is selected and contracted by a third party local promoter or operator) and the production of F1 branded merchandise (which is commissioned and produced by third party licensees and sponsors).
In order to identify modern slavery risks in our supply chains we conduct risk-based due diligence on relevant third parties before we enter into new or renewed contractual arrangements.
Factors we take into account when considering the level of due diligence required include the nature of the services being provided and the geographic location of the counterparty and such services.
In respect of potential high risk areas we proactively engage with our relevant partners and suppliers to ensure that circuits are constructed ethically and accordance with relevant labour laws and that our branded products are sourced responsibly.? This includes requiring that our third parties conduct appropriate supply chain due diligence (ethical, environmental and health and safety auditing of factories).
We universally commit to respect internationally recognised human rights in our agreements with third parties. In addition, we include bespoke provisions prohibiting the use of forced and child labour in our circuit related contracts and impose specific obligations on relevant product licensees and sponsors relating to the manufacturing process.
We have developed a new Formula 1 Code of Conduct to support our commitment to conduct our business ethically, with integrity and to the highest standards, including by guarding against modern slavery.? All our staff are required to adhere to our Code and report any violation they become aware of.? We encourage them to speak up about any concerns, including issues relating to human rights or modern slavery. It is possible to do so anonymously through our 24 hour hotline “Speak up”.
We train all relevant staff to identify modern slavery risks to which they may be exposed.? One of our interactive e-learning modules (undertaken annually by all staff) will, from February 2019, include scenario based education on modern slavery issues.
Signed by Sacha Woodward Hill, Director
For and on behalf of Formula One Management Limited, Formula One World Championship Limited, Formula One Hospitality and Event Services Limited and Formula One Marketing Limited