Triodos Bank strives for long-term collaborative relationships with our suppliers. Our policies outline our ambition to work in partnership with suppliers to align our positive impact ambitions and promote the use and adoption of more sustainable products, production processes, and supply chains. All suppliers we work with therefore go through a rigorous onboarding process and are then re-assessed at regular intervals.
The due diligence and onboarding process of suppliers commences with an understanding of the supplier category, as we know that certain sectors carry a higher probability of modern slavery. We prioritise investigations and monitoring based on risk indicators such as geography, sector, and past performance. Suppliers are required to provide information about their suitability and to provide links to their annual Modern Slavery Statements. Where necessary, suppliers are asked to provide evidence of compliance with the Act and accreditations such as SA8000 and membership to bodies such as Sedex.
Our contract management processes include specific clauses on complying with modern slavery legislation, and we maintain robust audit trails and documentation to demonstrate compliance and facilitate transparent reporting. We are in the process of establishing grievance mechanisms and clear procedures for investigating and remediating any allegations of modern slavery within our supply chain.
All procurement co-workers receive mandatory training on modern slavery, equipping them to recognise risks, interrogate supplier assurances, and escalate concerns appropriately. Training includes practical guidance on identifying modern slavery risks, due diligence procedures, and driving improvements in supplier practices.
The majority (92%) of Triodos Bank UK’s spend is focused on professional services, such as consultancy, legal counsel and membership services. These are sourced in the UK from firms that may have an international network but are accredited by professional bodies with chartered status.
In Q3 2025, Triodos Bank UK updated a formal Supplier Code of Conduct to strengthen expectations of ethical behaviour across its supply chain and to support compliance with the Modern Slavery Act 2015. The Code applies to all suppliers and their workers, including subcontractors and agents, and sets out the minimum standards expected when conducting business with or on behalf of the Bank.
The purpose of the Supplier Code of Conduct is to clearly articulate Triodos Bank UK’s expectations in relation to:
- Human rights and labour standards, including the prohibition of forced labour, child labour, and human trafficking
- Ethical business conduct, including zero tolerance for bribery, corruption, and fraud
- Compliance with applicable local, national, and international laws and regulations
- Transparency, accountability, and cooperation with audits and assessments
The intent of the Code is not solely to impose contractual requirements, but to promote a culture of responsible and ethical sourcing across the supply chain. It is designed to act as both a preventative control and a framework for engagement, enabling Triodos Bank UK to work constructively with suppliers to identify, address, and remediate risks where concerns are identified.
Implementation and Monitoring
The Supplier Code of Conduct is incorporated into procurement and due diligence processes and is referenced within supplier contracts where appropriate. Suppliers are expected to acknowledge and adhere to the Code, and to notify the Bank of any suspected or actual breaches. Where non-conformances are identified, Triodos Bank UK’s approach is to work with suppliers to agree corrective action plans, monitor progress, and support improvements within agreed timeframes. Escalation, including termination of the relationship, may be considered where remediation is unsuccessful or where serious breaches are identified.
Continuous Improvement
The Supplier Code of Conduct is reviewed periodically to ensure it remains aligned with regulatory expectations, best practice, and the Bank’s values. Learnings from supplier engagement, due diligence activities, and monitoring outcomes inform ongoing improvements to procurement processes and the Bank’s approach to managing modern slavery risks within its supply chain.
Supporting Standards and Continuous Improvement
The Supplier Code of Conduct operates alongside the Bank’s Company Guidelines, Business Principles, and Minimum Standards, reflecting our commitment to human rights and the principles of the UN Global Compact and Universal Declaration of Human Rights. These standards apply equally to our own operations and our supply chain.
Supplier due diligence is proportionate to risk and criticality and includes ongoing monitoring of ESG information, labour standards, subcontractor arrangements, and financial indicators. Enhanced investigations are triggered where anomalies or elevated risks are identified, with offboarding or remediation applied where required. While we assess the overall risk of modern slavery in our supply chain to be low, we recognise that risks remain and continue to strengthen our controls, transparency, and monitoring accordingly.
