The statement is signed by six pension funds, but not Ontario
Teachers’s Pension Plan, which has been a significant investor in
sporting goods companies through Teacher Private Capital. The private
equity firm has invested in Easton-Bell Sports and acquired Plano
Molding Company and Hansen in 2012.
The text of the letter follows below:
Canadian Investor Statement on Bangladesh
June 17, 2013
June 17, 2013
The tragic collapse of the Rana Plaza building in
Savar, Bangladesh, which killed more than 1,100 garment workers and
injured thousands more, has brought international attention to the
failure of governments and industry to ensure the safety of workers in
that country’s garment industry. The Rana Plaza incident is the latest
in a long series of fatal factory disasters over the past eight years.
Yet, until now little progress has been made in eliminating the serious
health and safety risks faced by Bangladeshi workers.
Bangladesh is the second largest source of apparel
imports into Canada, after China. Our country’s imports from Bangladesh
have almost doubled in the last five years. As Canadian investors and
shareholder organizations representing a combined assets under
management of $44 billion, we urge apparel brands, retailers and
manufacturers to take immediate steps to prevent further tragedies.
Apparel brands, retailers and manufacturers have an
important role to play by adopting responsible sourcing practices in
global supply chains, including performing human rights due diligence,
negotiating commercial terms with suppliers sufficient to provide for
safe, healthy workplaces and a living wage, establishing robust
oversight of their suppliers, and disclosing information on supply chain
practices and outcomes. The Rana Plaza disaster and the worldwide
reaction that followed amply illustrates not only the importance of
adhering to international standards that safeguard the lives and human
rights of workers throughout a company’s supply chain, but also the
considerable reputational, operational and legal risks to companies that
fail to address these issues.
Companies can and should establish their own internal
policies and practices to ensure respect for the fundamental human
rights of workers in their supply chains, including health and safety,
freedom of association and collective bargaining, and a living wage.
However in certain cases, such as we have seen in Bangladesh, collective
action is needed. Change will only occur when companies take action
together.
Following the Rana Plaza disaster, a large number of
global brands and retailers, including one Canadian retailer, signed a
binding Accord on Fire and Building Safety in Bangladesh. The Accord
sets out a program of independent and transparent inspections, an
informed and active role for workers and trade unions, health and safety
training for workers and management personnel, effective health and
safety committees, and the right of workers to file complaints and to
refuse unsafe work. It is backed by time-bound remediation plans,
effective dispute resolution procedures, and consequences for those that
do not comply. The International Labour Organization is supporting the
agreement and will play a role in its implementation, and it has been
endorsed by the UN High Commissioner for Human Rights. There is no other
credible alternative to this agreement.
We urge all apparel brands, retailers and
manufacturers that source from Bangladesh to sign the Accord on Fire and
Building Safety in Bangladesh and participate fully in its
implementation.
As investors, we recognize our responsibility to
promote positive change with the companies in our portfolios and to
encourage them to put respect for human rights at the core of their
business models. We will engage with the companies in our portfolios so
that together we can help to prevent further tragedies.
Source SportsOneSource
Source SportsOneSource
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