Three major incidents have occurred at clothing factories in Bangladesh in the last six months (in November, April and May), causing a total of 1,500 deaths and more than 1,000 injuries. The ICCR network has taken steps to prepare an investor statement on the issue of human rights, particularly on health and safety in the workplace along the supply chain in that country.
Etica Sgr signed the ICCR statement together with approximately 200 other institutional investors of North America, Europe and Australia representing 1,500 billion dollars of managed assets.
In particular, the statement asks companies to:
- Join the multi-stakeholder initiative “Accord on Fire and Building Safety“, which the ILO (International Labor Organization) and various entities including NGOs, unions and enterprises are part of;
- Agree to strengthen the role of local unions and ensure minimum wages for workers;
- Publish the list of suppliers, particularly those located in Bangladesh and report on health and safety systems and the performance in that regard;
- Ensure families have adequate systems of compensation where disputes arise.
The ICCR statement was sent, amongst others, to five trade associations in the North American clothing industry including American Apparel & Footwear Association, Canadian Apparel Federation, National Retail Federation, Retail Industry Leaders Association and the US Association of Importers of Textiles and Clothing, asking them to play an increasingly active role in encouraging companies to join the “Accord on Fire and Building Safety in Bangladesh“.
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Past performance is not indicative of future results, and investments in funds are subject to risks relating to the underlying assets, which may affect the value of the relevant units. Etica SGR provides no guarantee of returns and does not guarantee the repayment of the capital invested. The SGR accepts no liability for any losses that may arise from the use of the information provided in this communication.
In order to make an informed investment decision, before making any final investment decision, investors should consult the Key Information Document (KID) and the funds’ Prospectus available at www.eticasgr.com.
The placement of the “Linea Valori Responsabili” and “Linea Futuri Responsabili” funds is only available in Italy. For further information, please refer to the Italian version of the website.
Social and governance
