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Bangladesh: Global investors urge for continuation of Accord

IN a statement from the Interfaith Center on Corporate Responsibility (ICCR), around 153 global investors have urged for the continuation of the Bangladesh Accord for Fire and Building Safety until it completes its mandate and the government agencies are able to assume responsibilities. The statement was organised by the Bangladesh Investor Initiative, a coalition of global investors that coalesced in response to the tragic collapse of the Rana Plaza building outside Dhaka in 2013.

Investors are concerned Accord's precipitous termination will not only put workers at great risk but also threaten brands and investors reliant on a secure, safe workforce. They urged the government to make a re-submission to the High Court to enable the Accord to operate until a national safety regulatory body is established and fully prepared to assume control of the Accord's mandate.

The government, Accord companies and unions and the BGMEA agreed to form a Transition Monitoring Committee (TMC) to evaluate the government's readiness to take on the duty to protect the safety of garment factory workers. The parties agreed that only when the criteria established by the TMC were met would the Accord then initiate a six-month process of winding down its operations.