January 01, 2018
Statement endorsed by 147 investors representing $3.7 trillion appeals to global brands to recommit to three-year extension to fulfill Accord’s mandate to remediate fire and safety violations in apparel sector.
Members of the Bangladesh Investor Initiative issued a statement today calling on companies sourcing from the Bangladesh apparel sector to renew their commitment to protect worker health and safety by endorsing the three-year extension of the Accord on Fire and Building Safety in Bangladesh (Accord).
The investors, including Seventh Generation Interfaith Coalition for Responsible Investment and its members, say additional time is needed to complete the remediation plans and worker training indicated by audits at the over 1,600 factories covered by the Accord. The statement will accompany letters being sent to the 160 companies that have not yet become signatories to the three-year extension of the Accord, urging them to participate.
The investors are part of the Bangladesh Investor Initiative organized by the Interfaith Center on Corporate Responsibility to press brands and retailers sourcing in Bangladesh to join the Accord and remediate human rights risks in their supply chains. The statement was endorsed by 147 institutional investors that collectively represent $3.7 trillion in managed assets.
Said Henrike Kulmann of Allianz Global Investors GmbH, “The new agreement between global trade unions and companies ensures that the industry continues to remediate safety issues found in garment factories and build effective worker safety committees. They are an important component to mitigating risks to workers and supply chain disruption as well as reputational risks to global brands sourcing in Bangladesh. We call on all companies sourcing from Bangladesh to become Accord signatories to mitigate these serious human rights and business risks.”
For the 1,600 factories have been inspected under the Accord, 82 percent of the identified safety issues have been fixed, the majority of them electrical. “Investors have been particularly pleased to see that, in addition to fixing specific problems, the Accord has worked to address the systemic issues that led to disasters like Rana Plaza,” said Lauren Compere of Boston Common Asset Management, “It is critical to ensure that future safety problems are detected before they become life-threatening events. The detailed comprehensive work achieved by the Accord is a positive signal to investors that safety risks are being carefully and sustainably managed.”
The investor statement recommends brands undertake the following:
“To date, only 60 of the 220 signatories of the Accord have signed the new agreement to extend the program until May 2021,” stated David Schilling, senior program director of ICCR. “While much has been achieved in making garment factories in Bangladesh safer, there is more to be done, including the establishment of worker safety committees in each factory. The success of the Accord to date is built on the unprecedented collective action of brands and trade unions. Continued solidarity is needed to finish the job and prevent hard-earned gains from disappearing.”
October 10, 2016
Pope Francis, who has paid more attention than most to Bangladesh, is in the process of directing Catholics’ and the world’s gaze upon that nation.
Recall that Pope Francis was one world leader who called attention to the disaster at Rana Plaza. Pope Francis, vigilant of religious persecution, also voiced sorrow for the victims of the terrorist attack in Dhaka. Returning from Georgia and Azerbaijan, Pope Francis confirmed that he will visit Bangladesh in 2017. Then, on Sunday, he named Archbishop Patrick D’Rosario, C.S.C. a cardinal. Bangladesh, a Muslim majority country of almost 170 million people, has 350,000 Catholics, or just .2% of the population. It will be the second visit by a Pope to Bangladesh as Saint John Paul II visited in 1986.
The challenges posed in Evangelii Gaudium to go to the peripheries and in Laudato Si’ to care for our common home, many of the great themes of his papacy, are incarnated in Bangladesh. Among issues associated with poverty, the Pope’s visit to Bangladesh in 2017 will likely bring attention to workers’ rights, wages, and workplace safety in garment industry. The church in Bangladesh has done extraordinary work on behalf of the poor, but Pope Francis will bring that great work and the ongoing challenges to the attention of the rest of the world.