Modern Slavery Act Statement (the “Statement”)
AGCO Finance Limited (“AGCO Finance”) condemns any and all forms of modern slavery. AGCO Finance respects the rights of all individuals and condemns any involvement in any matters that infringe upon human dignity. We are dedicated to protecting human rights (as defined in international treaties) along with employment rights regarding workplace and working relationships.
We condemn any and all forms of human trafficking, exploitation and forced labour and expect, without exception, the same from our customers, business partners, suppliers and any other party we interact with.
This statement is in respect of AGCO Finance’s financial year ending 31st December 2021.
About AGCO Finance and De Lage Landen Leasing Limited (“DLL”)
AGCO Finance is a subsidiary of DLL which is a wholly owned subsidiary of De Lage Landen International B.V., which is a wholly owned subsidiary of Coöperatieve Rabobank U.A. (“Rabobank”). DLL is a global finance partner for equipment in various industries.
AGCO Finance is a joint venture between DLL and AGCO International Limited (“AGCO”). AGCO is a global leader in the design, manufacture and distribution of agricultural equipment. AGCO Finance has its own management team and operates from AGCO’s UK headquarters in Stoneleigh, Warwickshire. AGCO Finance and DLL have over 200 employees in the UK (the “Members”).
De Lage Landen International B.V. operates in more than 30 countries throughout Europe, North America, South America, Australia, and Asia (the “Group”).
As a finance company our supply chain includes IT, office, stationery, catering, and cleaning suppliers. We have a thorough due diligence process for our suppliers as set out in our Supplier Approval Policy & Process Guide. We conduct annual reviews of this policy to prevent any form of modern slavery infiltrating our supply chain.
We ensure every Member has safe working conditions and we pride ourselves on protecting Members from labour malpractice. During our recruitment process, thorough checks are completed to confirm the eligibility of our Members for employment in the UK, amongst other things. The rights of our Members are protected under their employment contract which limits the number of working hours. Our Members are paid above the national minimum wage and we cover this in our Global Remuneration Policy.
We provide our Members with an effective whistleblowing policy to ensure Members are aware of the steps to take when they need to raise any concerns and our Members are assured they can do so without fear of repercussion and reprisal.
Our policies on modern slavery and human trafficking
Our UK Modern Slavery Policy sets out the ways in which we comply with the requirements of the Modern Slavery Act 2015. This policy ensures that we are taking appropriate steps to identify, assess and to prevent the potential threat of modern slavery in and to our business at all levels.
This policy is further supported by several Group and Rabobank policies. The following are examples:
Code of Conduct – sets the standard that is to be followed regarding rules, behaviours and values that are expected from all AGCO Finance and DLL Members.
Environmental, Social and Governance (ESG) Policy – provides a Group wide framework to identify, manage and monitor ESG risk relating to all business relations of AGCO Finance and DLL, and includes specific sections on human rights and labour standards.
Due Diligence – we carry out due diligence and, where required, enhanced due diligence, on our customers, business partners, and suppliers. AGCO Finance and DLL are committed to enhancing the onboarding process to identify any adverse press, which would include any modern slavery and human trafficking practices and compliance with all applicable laws, including compliance of Modern Slavery Act 2015, where information is available. This includes adverse news screening for modern slavery and human trafficking.
On an annual basis, we assess the risk of modern slavery occurring within our business model and take appropriate actions, as necessary, to lower that risk. We have most recently assessed the threat of modern slavery occurring in our specific supply chain as ‘low’; however, we acknowledge that the agriculture sector itself is considered (per a 2020 Home Office study) as ‘high’ risk.
Future actions include integrating the risk assessment of modern slavery into the existing risk control framework of the business and further enhancing the applicable approval processes.
To ensure a high level of understanding of the risks of modern slavery and human trafficking, we provide training to our Members in all areas of the business.
This Statement, which will be reviewed annually and updated as required, has been approved by the AGCO Finance board of directors on 11 March 2022.