Investors ask companies to stay the course on Bangladesh factory safety accord

A group of 147 investors representing $3.7 trillion has asked signatories of the Accord on Fire and Building Safety to recommit to the landmark agreement signed in 2013. The Accord on Fire and Building Safety in Bangladesh is a five-year independent, legally binding agreement between global brands and retailers and trade unions designed to build a safe and healthy Bangladeshi readymade garment (RMG) industry. The agreement was created in the immediate aftermath of the Rana Plaza building collapse that led to the death of more than 1,100 people and injured more than 2,000. The accord originally had a May 2018 endpoint, but an agreement was reached to extend for another 3 years. However, to date only 60 of the 220 original signatories have signed on to the new agreement. If more of the original signatories do not sign, many believe that the accord’s leverage, scope, and impact will be weakened. Investors asking companies to renew their commitment to the accord are part of the Bangladesh Investor Initiative, which is organized by the Interfaith Center on Corporate Responsibility. See: Investors call on companies to stay the course on Bangladesh Accord

January 25, 2018 No Comments

Azzad joins interfaith investor group seeking worker protections in Bangladesh factories

Shareholder advocates continue call for garment industry safety regulations on 4th anniversary of Rana Plaza disaster FALLS CHURCH, VA, April 25, 2017 – Socially responsible investment firm Azzad Asset Management yesterday marked the fourth anniversary of the largest garment factory accident in history, renewing an interfaith appeal to apparel makers to enact meaningful change in worker and building safety regulations. The appeal comes from the Interfaith Center on Corporate Responsibility, a coalition of shareholder advocates. The April 2013 collapse of the eight-story Rana Plaza factory building in Dhaka, Bangladesh, killed more than 1,100 workers and injured another 2,600. The resulting Accord on Fire and Building Safety, a five-year initiative championed by more than 200 global institutional investors representing more than $3.1 trillion in assets, required signatories to commit to a range of reforms intended to protect garment industry workers. Thanks to the accord, 1,600 factories have been inspected and more than 75% of the identified safety issues have been fixed over the past four years. Additionally, more than 750,000 workers are covered under the accord’s Safety Committee Training program, which is essential to detecting safety hazards. The statement marking the fourth anniversary of Rana Plaza, which was signed by 137

April 25, 2017 No Comments

Azzad signs statement calling for reforms in Bangladesh manufacturing sector

Investor statement comes after September factory fire kills 35 workers FALLS CHURCH, VA – (October 27, 2016) – Azzad Asset Management, investment advisor to the Azzad Funds, announced today that it has joined a coalition of investors calling on multinational corporations to enact greater protections for factory workers in Bangladesh. This follows a September 10 boiler explosion at the Tampaco Foils Ltd. factory in Bangladesh, which resulted in a fire and building collapse that killed 35 people and injured more than 50 others. The call comes in the form of an investor statement organized by the Interfaith Center on Corporate Responsibility (ICCR), a coalition of faith and values-driven organizations that engage multinational corporations to promote sustainable and fair business practices. ICCR sent the statement, representing 66 organizations with $2.3 trillion in assets, to two major Tampaco Foils customers, British American Tobacco and Nestle. The statement says in part: Urgent steps need to be taken … to avoid further loss of life, not only in factories in Bangladesh, but throughout the full reach of global supply chains. We specifically call for: Comprehensive fire and safety inspections that include thorough inspections of boilers. Worker training on fire and safety procedures and worker/management safety

October 27, 2016 No Comments