Modern Slavery Statement for the Financial Year Ending 31 March 2024

This statement is made on behalf of Knight Frank LLP (“Knight Frank”) and sets out the steps Knight Frank has taken during the financial year ending 31 March 2024 to assess and address the risks of modern slavery in our UK operations and supply chains.

Knight Frank LLP (“Knight Frank”/ “We” / “Our”) is the ultimate parent of a global and leading independent real estate consultancy business offering professional, commercial and residential property services. We operate in locations where our clients need us to be, providing a worldwide service that’s locally expert and globally informed.

The Modern Slavery Act 2015 (“the Act”) requires commercial organisations with a turnover of over £36 million to publish an annual statement disclosing information regarding their structure, supply chains, policies and processes to minimise the risk of modern slavery and human trafficking from their provision of services. Knight Frank has a reporting obligation under the Act.

Our Commitment

Knight Frank is committed to ensuring that there is no slavery or human trafficking in our supply chains or in any part of our business. As a professional services supplier we work to provide our clients with the highest levels of service attainable. We hold ourselves to the utmost standards of professional conduct and accept nothing less from our suppliers.

Our Organisation Structure and Supply Chains

Knight Frank LLP is a Limited Liability Partnership registered in England and Wales at 55 Baker Street, London, W1U 8AN with registered number OC305934.

In the UK, Knight Frank is comprised of 24 direct and indirect operating subsidiaries. Internationally, a network of subsidiaries (direct or otherwise) and other affiliated entities associated with, or licensed to Knight Frank, offer commercial and residential property services in over 50 territories. These firms, together with Knight Frank, are known as 'the Knight Frank Global Network'.

The Knight Frank Global Network can use the Knight Frank name and resources of the network. Member firms agree to abide by certain common policies to maintain the standards of Knight Frank. Each entity in the Knight Frank Global Network is a distinct and separate legal entity. Their ownership and management is distinct from that of any other entity, whether operating under the name Knight Frank or otherwise.

With the support of over 2500 employees of Knight Frank LLP and its subsidiaries in the UK, Knight Frank offers a broad range of property services across a number of asset classes, including property and facilities management, building consultancy services, valuations and lettings, sales and acquisitions services. As a professional services firm, Knight Frank also procures goods and services, directly or indirectly, from third party suppliers, consultants or contractors for the benefit of the business.

Knight Frank considers a supplier to be any contractor, consultant, supplier or other entity or individuals providing goods and/or services to Knight Frank, directly or indirectly.

Our Approach to Combating Slavery and Human Trafficking

As a property services firm, we recognise that there is a risk (albeit very small) of slavery or human trafficking occurring in our supply chain. Knight Frank will only work with suppliers who share our commitments. Regardless of the potential risk, Knight Frank takes the matter of modern slavery very seriously and has implemented a number of policies which are designed to ensure the firm’s compliance with its modern slavery obligations.

Our Purpose

Property is a part of everyday life and so much of what Knight Frank does with its clients directly impacts the surroundings in which we live and work. Knight Frank’s Purpose guides the way in which we work together, at our best – as individuals and as a business. Our Purpose is:

‘To work responsibly, in partnership, to enhance people’s lives and environment.’

We understand that we have a duty to make responsible and sustainable decisions, to collaborate effectively, to have a positive and meaningful impact on people’s lives and on the environment in which we live.

Our Policies

Knight Frank understands the importance of robust policies, not just for meeting our legal obligations, but also in maintaining the reputation Knight Frank has built over its 128 year history with its customers, employees and key stakeholders. These policies are regularly reviewed and are approved by the appropriate Board or Committee, with global policies being approved by the Group Executive Board.

These include:

• Tendering and Responsible Procurement Policy;
• Social Ethical and Environmental Procurement Guidelines;
• Knight Frank Global Whistleblowing Policy; and
• Knight Frank Global Anti-Bribery and Corruption Policy.

Our Due Diligence Processes

To ensure all those in our supply chain comply with our policies, we carry out a clear onboarding and due diligence process via an online portal during which we provide potential suppliers with details of our whistleblowing hotline and a copy of our procurement policies which they must declare they have read, understood and comply with.

During our tendering processes, we expect suppliers to demonstrate their commitment to the prevention of modern slavery. They must read and confirm their adherence to our procurement policies and confirm that they have no instances of modern slavery in their supply chain. Where possible, Knight Frank’s procurement team and its suppliers seek to include modern slavery as an agenda item in any meeting together.

Further, during the procurement process, we encourage all parties to contract on Knight Frank standard terms, which include obligations to comply with both the Act and our policies in relation to the prevention of modern slavery.

In order to ensure that our supply chain remains free of modern slavery or human trafficking, Knight Frank regularly updates the procedures and policies of our procurement team to ensure we are meeting all the requirements under the Act. These requirements are built into every part of our supply chains, from supplier onboarding, including all tendering processes, through to final appointment.

In addition, Knight Frank’s whistleblowing hotline is made available to all employees and suppliers in order that anyone may raise concerns about any actual or potential unethical behaviour or breach of our modern slavery obligations.

Our Risk Assessment and Management

Knight Frank’s supply chain involves minimal procurement of tangible goods or equipment. More often than not, we are working with suppliers of technology or cloud-based services, which are at lower risk of exposure to modern slavery. We therefore assess that the risk of modern slavery and human trafficking in our supply chains is low. However, we recognise that our supply chain may pose higher risk in certain industries and locations.

We consider that Knight Frank’s property and facilities management teams are at the greatest risk of exposure to modern slavery, given that these teams engage with a number of suppliers for the provision of services such as security, cleaning, maintenance or concierge. This includes suppliers engaged through our subsidiaries. These services often employ lower-paid roles and are at greater risk of exploitative labour practices. These teams look to minimise the risk of modern slavery in their supply chains by only working with suppliers which meet our criteria and have been selected as one of Knight Frank’s approved providers. Among other requirements, suppliers are only selected where Knight Frank is confident that they are as equally committed to the prevention of modern slavery as Knight Frank is.

Other sections of the Knight Frank business do not regularly work with such an extensive range of suppliers. Nevertheless, each business division undertakes the risk assessment and management steps outlined elsewhere in this statement. As an example, our HR team adheres to and maintains recruitment guides which cover areas such as fair pay, equality and inclusivity, and the right to work when going through the recruitment process.

Identifying and Mitigating Risks of Modern Slavery and Human Trafficking – 2023 Actions

At the supplier onboarding stage, all suppliers are now electronically issued with our procurement policies and are provided with the Whistleblowing hotline details. These are reissued at the start of any tender process.

Our Approach Going Forwards

Over the last 12 months, Knight Frank has found that its approach to identifying and mitigating the risk of modern slavery in its supply chain has been effective, both in the commitment of its employees and in the way it contracts with third parties.

Knight Frank remains committed to the elimination of modern slavery in its supply chain and will continue to review our policies, as well as adhering to any updates or guidance from the government. Over the next 12 months, Knight Frank is aiming to:

1. Create a sustainable procurement and supply chain webpage;
2. Develop and publish our Supply Chain Charter;
3. Develop and publish a Modern Slavery and Human Trafficking policy that will apply to our UK employees, partners, and suppliers;
4. Review and refresh all Knight Frank’s UK and Global policies, including developing a Code of Conduct for our UK employees.

Knight Frank remains committed to conducting its business with integrity, and will continue to develop initiatives to mitigate the risk of modern slavery in our supply chains.

This statement is made in relation to section 54(1) of the Modern Slavery Act 2015 for the financial year 1 April 2023 to 31 March 2024. This Modern Slavery Statement has been approved on behalf of the members of Knight Frank LLP by the Group Executive Board on 18 July 2024.

For any matters on this statement, please contact Matthew Tweedie, Partner, Chief Financial Officer, and Head of Business Services.