{"id":882,"date":"2019-01-15T10:36:54","date_gmt":"2019-01-15T15:36:54","guid":{"rendered":"https:\/\/batirente.progexia.com\/investor-statement-in-support-of-the-continued-functioning-of-the-accord-to-ensure-bangladesh-factories-are-safe-for-garment-workers\/"},"modified":"2019-01-22T18:01:57","modified_gmt":"2019-01-22T23:01:57","slug":"investor-statement-in-support-of-the-continued-functioning-of-the-accord-to-ensure-bangladesh-factories-are-safe-for-garment-workers","status":"publish","type":"post","link":"https:\/\/www.batirente.com\/en\/investor-statement-in-support-of-the-continued-functioning-of-the-accord-to-ensure-bangladesh-factories-are-safe-for-garment-workers\/","title":{"rendered":"Investor Statement in Support of the Continued Functioning of the Accord to Ensure Bangladesh Factories are Safe for Garment Workers"},"content":{"rendered":"

In May 2013, following the tragic building collapse of Rana Plaza and the death of 1,138 factory workers, the Bangladesh Accord for Fire and Building Safety (Accord) was signed to implement specific safety measures within a five year term and to help build the government of Bangladesh\u2019s capacity to assume this oversight responsibility. While substantial progress has been made since 2013, Accord stakeholders agree that the safety goals have not yet been fully achieved nor is the government of Bangladesh fully ready to take over the functions of the Accord. In spite of this, the High Court of the Supreme Court of Bangladesh ruled in June, 2018 that the Accord\u2019s approval to operate will expire at the end of November 2018.<\/span><\/p>\n

The Bangladesh Investor Initiative, a group of 250 institutional investors from 12 countries and coordinated by the Interfaith Center on Corporate Responsibility, has been an early and strong advocate for the mission and model of the Accord, closely tracking its progress over the course of these five years. The success of the Accord model relies on the unprecedented collective action of trade unions, brands and their supplier factories and the International Labor Organization: this model, proven to be effective, is needed to finish the job and not allow the hard-earned gains to slip away.<\/span><\/p>\n

As shareholders in a number of the companies sourcing product in the garment sector, the undersigned investors are concerned that the precipitous termination of the Accord would be too costly for worker health and safety and to brands and their investors that depend upon a secure, safe workforce. We therefore urge the government of Bangladesh to make a re-submission to the High Court to enable the Accord to operate until such time as a national safety regulatory body is established and fully prepared to assume control of the Accord\u2019s mandate.<\/span><\/p>\n

In June 2017, global brands and unions signed the <\/span>2018 Transition Accord<\/span>, in recognition of the need for additional time required to complete remediation of safety issues. To date, about 190 companies have signed the 2018 Transition Accord, which includes a process to transition responsibility to a national safety regulatory body (Remediation Coordination Cell) once it has the capacity, but no later than May 2021. This agreement also includes an evaluation every six months to determine whether this national safety regulatory body has the capacity to conduct inspections, monitor, process complaints, train workers and be fully transparent about remediation progress and decision-making processes.<\/span><\/p>\n

In October 2017, the Accord companies and unions, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), and the government of Bangladesh agreed to form a Transition Monitoring Committee (TMC) comprising representatives of each institution, as well as the International
\nLabor Organization and chaired by the government. The purpose of the TMC was to evaluate the government\u2019s readiness to take on its duty to protect the safety of garment factory workers. Only once the TMC determined this readiness would the Accord begin a six-month process of winding down its
\noperations. The High Court\u2019s decision revokes the Accord\u2019s authorization to function beyond November, effectively pre-empting this collaborative TMC process.<\/span><\/p>\n

Worker health and safety cannot be ensured over the long-term without credible and effective regulatory systems. Ending the work of the Accord before these systems are in place is hazardous to workers, their families, brands and investors. This situation would make it difficult for companies to conduct \u201chuman rights due diligence\u201d processes in accordance with the UN Guiding Principles on Business and Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises. Signatory companies and their investors have relied on the Accord to ensure safe working conditions in Bangladesh garment factories:\u00a0 without the Accord or adequate regulatory systems to provide these assurances, brands may need to source elsewhere, deeming Bangladesh too risky.<\/span><\/p>\n

We believe the progress made by the Accord companies can be secured by staying the course until such time as the government of Bangladesh can fulfill its duty to protect the lives of its workers.<\/span><\/p>\n

The undersigned investors:<\/span><\/p>\n

    \n
  1. Urge the government of Bangladesh to make a re-submission to the High Court explicitly expressing support for the Transition Monitoring Committee arrangement to prevent the 30 November 2018 shutdown of the Accord\u2019s operations in Bangladesh prior to meeting the agreedupon criteria.<\/span><\/li>\n
  2. Support the brands\u2019 expressed position at the EU Sustainability Compact meeting on 25 June 2018 that it is crucial that the work of Accord remediation be completed and that a premature shut down of the Accord would jeopardize the brands\u2019 ability to source from a safe industry. (See statement: <\/span>http:\/\/bangladeshaccord.org\/wp-content\/uploads\/Accord-Statement.pdf)<\/span><\/li>\n
  3. Support the brands\u2019 responsibility to respect human rights based on the UNGPs and to apply the \u2018human rights due diligence\u2019 process to make sure that the continued safety of workers in the garment factories where they are sourcing is secured.<\/span><\/li>\n
  4. Urge the Accord signatories to communicate to suppliers, the BGMEA and the government of Bangladesh their full support of the Accord as a prerequisite for the continued improvement of worker health and safety and expression of responsible sourcing practices.<\/span><\/li>\n<\/ol>\n

    As investors, we support companies that continue their membership in this historic initiative. The Accord for Fire and Building Safety has proven its potential to transform the Bangladesh garment sector. The Accord should now be permitted to complete its mandate to remediate all safety issues and to assist in building the capacity of the government of Bangladesh to fully assume its responsibility to protect human rights in the garment sector.<\/span><\/p>\n

    Total number of investor signatories: 153
    \nTotal AUM: over $2.8 trillion USD<\/span><\/p>\n

    Signatories:<\/span><\/p>\n

    Aargauische Pensionskasse (APK), Switzerland
    \nACTIAM
    \nAdrian Dominican Sisters, Portfolio Advisory Board
    \nAFL-CIO
    \nNEI Investments
    \nNest Sammelstiftung, Switzerland
    \nNN Investment Partners
    \nNordea Asset ManagementAmerican Federation of Labor and Congress of Industrial Organizations (AFL-CIO)
    \nAMP Capital
    \nAP3 Tredje AP-fonden
    \nAP4 (Fj\u00e4rde AP-fonden)
    \nAPG | Asset Management US Inc.
    \nAquinas Associates
    \nAtkinson Foundation
    \nAustralian Ethical Investment
    \nAviva Investors
    \nAzzad Asset Management
    \nB\u00e2tirente
    \nBernische Lehrerversicherungskasse, Switzerland
    \nBoston Common Asset Management
    \nBritish Columbia Teachers’ Federation
    \nCaisse de pensions de l’Etat de Vaud (CPEV), Switzerland
    \nCaisse de pensions ECA-RP, Switzerland
    \nCaisse de pr\u00e9v. des Fonctionnaires de Police & des Etablissements P\u00e9nitentiaires, Switzerland
    \nCaisse de Pr\u00e9voyance des Interpr\u00e8tes de Conf\u00e9rence (CPIC), Switzerland
    \nCaisse intercommunale de pensions (CIP), Switzerland
    \nCanadian Religious Stewardship
    \nCANDRIAM
    \nCAP Pr\u00e9voyance, Switzerland
    \nCCAP Caisse Cantonale d’Assurance Populaire, Switzerland
    \nChristian Church Foundation and Disciples Women
    \nCIEPP – Caisse Inter-Entreprises de Pr\u00e9voyance Professionnelle, Switzerland
    \nCongregation of Holy Cross, Moreau Provincee
    \nCongregation of Sisters of St. Agnes
    \nCongregation of St. Joseph
    \nCongregation of The Sisters of Mercy of Newfoundland
    \nDana Investment Advisors
    \nDaughters of Charity, Province of St. Louise
    \nDignity Health
    \nDomini Impact Investments
    \nDominican Sisters ~ Grand Rapids
    \nDominican Sisters of San Rafael
    \nERAFP
    \nEtablissement Cantonal d’Assurance (ECA VAUD), Switzerland
    \nEthos Foundation, Switzerland
    \nEverence and the Praxis Mutual Funds
    \nFelician Sisters of North America
    \nFelician Sisters of St. Francis of Canada
    \nNorth American Province of the Congregation of Our Lady of the Cenacle, Inc.
    \nNorth East Scotland Pension Fund
    \nNorthStar Asset Management, Inc.
    \nNorthwest Coalition for Responsible Investment
    \nOFI AM
    \nOMI Lacombe Canada Inc.
    \nOur Lady’s Missionaries
    \nPalos Wealth Management Inc
    \nPensions Caixa 30
    \nPensionskasse Caritas, Switzerland
    \nPensionskasse der Stadt Winterthur, Switzerland
    \nPensionskasse Stadt Luzern, Switzerland
    \nPensionskasse Unia, Switzerland
    \nPr\u00e9voyance Sant\u00e9 Valais (PRESV), Switzerland
    \npr\u00e9voyance.ne, Switzerland
    \nPrinciples for Responsible Investment
    \nProfelia Fondation de pr\u00e9voyance, Switzerland
    \nProsperita Stiftung f\u00fcr die berufliche Vorsorge, Switzerland
    \nPSAC Staff Pension Plan
    \nRedemptorisitne Nuns in Canada
    \nRegion VI Coalition for Responsible Investment
    \nReligious of the Sacred Heart of Mary
    \nRetraites Populaires, Switzerland
    \nRoman Catholic Archdiocese of Toronto
    \nSAGE Connected Investing
    \nSchool Sisters of Notre Dame – CP Province CR Committee
    \nSchool Sisters of Notre Dame Cooperative
    \nInvestment Fund
    \nSeventh Generation Interfaith Coalition for Responsible Investment
    \nShareholder Association for Research & Education (SHARE)
    \nSilicz-Birdsall Advisory Group
    \nSisters of Charity of Saint Elizabeth
    \nSisters of Notre Dame Base Communities
    \nSisters of Notre Dame de Namur
    \nSisters of Notre Dame de Namur Base Communities
    \nSisters of St. Dominic of Blauvelt, NY
    \nSisters of St. Dominic of Caldwell
    \nSisters of St. Dominic\/Racine Dominicans
    \nSisters of St. Francis Charitable Trust, Dubuque
    \nSisters of St. Francis of Philadelphia
    \nSisters of St. Joseph of Boston
    \nSisters of St. Joseph of OrangeFigure 8 Investment Strategies
    \nFirst Affirmative Financial Network
    \nFondation de la m\u00e9tallurgie vaudoise du b\u00e2timent (FMVB), Switzerland
    \nFondation Leenaards, Switzerland
    \nFondo de Pensiones de Empleados de Telef\u00f3nica
    \nFranciscan Sisters of Benevolent Society
    \nFranciscan Sisters of Perpetual Adoration
    \nFriends Fiduciary Corporation
    \nGenus Capital Management
    \nGreenvest
    \nHampshire College
    \nHeartland Initiative
    \nHIP Investor Inc. and HIP Investor Ratings LLC
    \nIBVM Canadian Province (Loretto Sisters)
    \nImpact Investors
    \nImpax Asset Management
    \nJLens
    \nKEPLER-FONDS KAG
    \nLe Regroupement pour la responsabilit\u00e9 sociale des entreprises (RRSE)
    \nLocal Government Super
    \nMarianist Province
    \nMaryknoll Sisters
    \nMennonite Education Agency
    \nMercy Investment Services, Inc.
    \nMidwest Coalition Responsible Investment
    \nMiller\/Howard Investments, Inc.
    \nMirova
    \nMissionary Oblates USP
    \nMN
    \nMount St Scholastica Atchison KS
    \nNatural Investments
    \nSisters of the Good Shepherd
    \nSisters of the Holy Cross
    \nSisters of the Holy Names of Jesus and Mary.
    \nSisters of the Most Precious Blood
    \nSocial Justice Committee at the UU Congregation at Shelter Rock
    \nSolaris Investment Management
    \nSonen Capital
    \nSt. Joseph’s Province House Inc.
    \nSt. Joseph’s Villa Foundation
    \nStephen Whipp Financial
    \nStiftung Abendrot, Switzerland
    \nStrathclyde Pension Fund
    \nT’ruah: The Rabbinic Call for Human Rights
    \nTerre des hommes, Switzerland
    \nThe Callan Foundation
    \nThe Paulist Center, Boston
    \nThe Paulist Fathers of Toronto
    \nTri-State Coalition for Responsible Investment
    \nTrillium Asset Management
    \nTriodos Investment Management
    \nTRUSTEAM FINANCE
    \nUnion Investment
    \nUnited Church of Canada
    \nUnited Church of Canada Pension Plan
    \nUnited Reformed Church
    \nUniversity of St. Michael’s College
    \nUrsuline Sisters of Chatham
    \nVancity Investment Management Ltd.
    \nVeris Wealth Partners
    \nWalden Asset Management
    \nXaverian Brothers
    \nYouville Provident Fund<\/p>\n","protected":false},"excerpt":{"rendered":"

    In May 2013, following the tragic building collapse of Rana Plaza and the death of 1,138 factory workers, the Bangladesh Accord for Fire and Building Safety (Accord) was signed to implement specific safety measures within a five year term and to help build the government of Bangladesh\u2019s capacity to assume this oversight responsibility. While substantial […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[61],"tags":[],"class_list":["post-882","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"acf":[],"yoast_head":"\nInvestor Statement in Support of the Continued Functioning of the Accord to Ensure Bangladesh Factories are Safe for Garment Workers - B\u00e2tirente<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.batirente.com\/en\/investor-statement-in-support-of-the-continued-functioning-of-the-accord-to-ensure-bangladesh-factories-are-safe-for-garment-workers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investor Statement in Support of the Continued Functioning of the Accord to Ensure Bangladesh Factories are Safe for Garment Workers - B\u00e2tirente\" \/>\n<meta property=\"og:description\" content=\"In May 2013, following the tragic building collapse of Rana Plaza and the death of 1,138 factory workers, the Bangladesh Accord for Fire and Building Safety (Accord) was signed to implement specific safety measures within a five year term and to help build the government of Bangladesh\u2019s capacity to assume this oversight responsibility. 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