A coalition of 190 global investors has urged the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) to negotiate with the government for the extension of the Accord in the country. The Interfaith Center on Corporate Responsibility (ICCR), based in New York, sent a letter to BGMEA President Siddiqur Rahman, seeking his support so that the Accord can operate until the Remediation Coordination Council (RCC) takes over the charge of inspection and remediation of garment factories.
The ICCR is a coalition of shareholder advocates who view the management of their investments as a catalyst for social change and represents more than $3 trillion in assets under management, according to its website. Its 300 member organisations comprise faith communities, socially responsible asset managers, unions, pensions, NGOs and other socially responsible investors with combined assets of more than $400 billion.
The ICCR says investors are concerned that ending Accord’s work on Building and Fire Safety in Bangladesh would be too risky for the agency's signatory companies to continue to source from unsafe factories lacking a credible and effective regulatory system.
