Investors Mark Anniversary of Rana Plaza Disaster

On the ten-year anniversary of the Rana Plaza disaster in Dhaka, Bangladesh, 192 investors collectively representing US$1.38 trillion under management have called on companies in their portfolios to put human rights at the core of their business models and worker health and safety as a top priority in their supply chain management. The Rana Plaza building collapse killed 1,138 workers and injured over 2,500. The avoidable tragedy exposed the human rights risks of outsourcing apparel manufacturing to factories with inadequate safeguards to protect workers. In response, the Accord on Fire and Building Safety in Bangladesh was signed on 13 May 2013, a legally binding agreement between global brands and unions to reform the sector and create safe factories. As a result of the collective action underlying the Accord, more than two million workers in Bangladesh now work under safer conditions than they did a decade ago, and the it is enshrined by the International Accord for Health and Safety in the Textile and Garment Industry. This explicit agreement included future expansion to other countries and was supported by 194 brands and retailers. Investors welcome the expansion of the International Accord for Health and Safety to Pakistan in January 2023. The Pakistan Accord will contribute to building a culture of worker safety in 500-700 supplier factories producing for major European and U.S. brands.

 

 

The practical information hub for asset owners looking to invest successfully and sustainably for the long term. As best practice evolves, we will share the news, insights and data to guide asset owners on their individual journey to ESG integration.

Copyright © 2024 ESG Investor Ltd. Company No. 12893343. ESG Investor Ltd, Fox Court, 14 Grays Inn Road, London, WC1X 8HN

To Top