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 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 or supply chains.
Overview of our business
The Formula 1 business holds exclusive commercial rights with respect to the FIA Formula One World Championship®, which is an annual, approximately nine-month long, motor racing competition in which teams compete for the Constructors’ Championship and drivers compete for the Drivers’ Championship. It is a global series with a varying number of events taking place in different countries around the world each season, and it is followed by hundreds of millions of television viewers in over 200 territories.
Our commitment to business ethics
We are committed to the highest standards of business ethics and a culture of honesty and fair dealing. This means, amongst other things, that we do not tolerate any form of corruption and we are committed to respecting internationally recognised human rights globally throughout our operations. This commitment is underpinned by our Statement of Commitment to Respect for Human Rights (above), our Code of Business Ethics and Conduct (Code) and our Anti-Bribery Principles.
We require our employees to report any violation of our Code and we encourage them to speak up about any concerns, which could include concerns relating to human rights or modern slavery. It is possible to do so anonymously through our 24 hour hotline “Speak up”.
We conduct appropriate risk-based due diligence on all relevant third parties before we enter into any new or renewed contractual arrangements. Factors we take into account when considering the level of due diligence required include the geographic location of the counterparty as well as the services being provided, the nature of those services and the value of the contract. We ask the counterparty a number of specific questions designed to identify human rights risks and bribery and corruption risks. Where we consider it appropriate, using our risk-based approach, our due diligence process involves enhanced measures such as requesting further information from the counterparty, engaging expert external search agencies and consulting external stakeholders.
In our contracts, we include clauses specifically relating to human rights and anti-bribery. These clauses include, amongst other things, mutual commitments to respect internationally recognised human rights and to comply with applicable laws relating to bribery and corruption.
Our in-house legal team provides targeted training on human rights, bribery and corruption to those who work in all aspects of our business. We are proud of the fact that our training is interactive, full of relevant examples and refreshed at appropriate intervals.
We are in the process of mapping all our business activities and supply chains, and we keep our due diligence processes, our policies and our Code under review.
This statement has been approved by the Board of Directors of each of Formula One Management Limited, Formula One World Championship Limited, Formula One Hospitality and Event Services Limited and Formula One Marketing Limited.