Monash Centre for Financial Studies (MCFS) modern slavery research project

A/Prof Nga Pham, Dr Bei Cui, and A/Prof Ummul Ruthbah, 2025

Monash Centre for Financial Studies (MCFS) Modern slavery research project started in 2020 when the reporting requirements under Australia’s Modern Slavery Act were enacted.

Modern slavery is a global challenge, accentuated due to COVID, conflicts, and climate change. The MCFS researchers designed the Modern Slavery Disclosure (MSD) scoring framework to measure the quality of modern slavery statements submitted by the largest companies on the Australian Securities Exchange (ASX).

Due to its originality, transparency, and rigorous assessment process, the MSD framework has become an industry benchmark for modern slavery reporting, adopted by several large ASX companies. The team engages with the government, companies and investors via meetings, presentations, panel discussions, participation in industry working groups, responding to government consultations, and executive education.

The research informs investors’ investment and stewardship decisions, evidenced in TelstraSuper’s acknowledgement of using Monash’s research for ESG screening for investment in their newsletters, State Super’s MOU with Monash, substantial engagement with the Australian Superannuation Investors Council, AllianceBernstein, Macquarie, UniSuper, REST Super, HESTA, Invesco, and some other super funds and asset managers.

The research team also engaged directly with the Commonwealth government to improve its modern slavery report. Apart from the MCFS response to the Australian Government’s public consultation on reviewing the Modern Slavery Act, 24 other organisations cited Monash’s research in their submissions.

The research has generated impacts beyond academia, including improvements in corporate reporting quality and accountability, more informed investment and stewardship decisions by investors, and strengthened modern slavery regulations, all of which contribute to Australia’s efforts to combat modern slavery.

The research team, comprising A/P Nga Pham, Dr Bei Cui, and A/P Ummul Ruthbah, received the Impact Acceleration Grant Scheme in 2023 and was awarded the Dean’s Award for Excellence in Research Engagement and Impact in the same year. Additionally, they were nominated for the university’s Vice Chancellor Award in the same category.

The research aligns with Monash’s Impact 2030 of climate change, geopolitical security and thriving communities, contributing to the University’s effort to deliver the United Nations’ SDGs.