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Investors Unhappy with North American Plan by Walmart, GAP and others on Bangladesh July 10th, 2013
Photo credit: Emma L. Herman
North American Bangladesh Worker Safety Initiative Insufficient in Curbing Supply Chain Risk, Say Investors.
Legal accountability and full multi-stakeholder participation, including trade union role in governance structure, cited as critical elements lacking in plan versus Bangladesh Accord on Fire and Building Safety.
Upon initial review, members of the Interfaith Center on Corporate Responsibility (ICCR) based in New York, and long-term shareholders in apparel brands and retailers found the new initiative put forward this morning by the Alliance for Bangladesh Worker Safety lacking in sufficient worker protections and accountability mechanisms. ICCR members, including Boston Common Asset Management, Calvert Investments, Domini Social Investments LLC, the Missionary Oblates of Mary Immaculate and Trillium Asset Management, LLC, who have been engaging major apparel brands and retailers on worker rights and supply chain risk for over 15 years, view the new plan as a weaker alternative to the pre-existing Bangladesh Accord on Fire and Building Safety (the Accord).
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Faith-Based and Socially Responsible Investors Urge U.S. Retailers to Back Bangladesh Accord June 7th, 2013
People and rescuers gather after an eight-story building housing several garment factories collapsed in Savar, near Dhaka, Bangladesh, Wednesday, April 24, 2013.
Used under Creative Commons license; photo courtesy of rijans on flickr
The Interfaith Center on Corporate Responsibility (ICCR), a group of socially responsible investors of which the Oblates are active members, has asked US retailers to be part of the Bangladesh Fire and Safety initiative, a global accord that promotes the safety of garment workers that would be legally enforceable. The initiative was proposed after more than 1,100 workers died in a building collapse on the outskirts of Dhaka on April 24. The collapsed building housed garment factories that supplied to several Western retailers.
At least 14 North American retailers including Wal-Mart Stores Inc (WMT.N), Macy’s Inc (M.N), Sears Holdings Corp (SHLD.O), JC Penney Co Inc (JCP.N) and Gap Inc (GPS.N) have declined to sign the accord.
They have said the accord gives labour unions too much control over ensuring workplace safety and have proposed the alternative “Safer Factory Initiative”.
ICCR, which was part of the Divestment from South Africa campaign in protest against Apartheid, said the alternative plan could dilute the impact of the accord and may not be legally enforceable.
Retailers such as Zara parent Inditex S.A. (ITX.MC), H&M (HMb.ST), PVH Corp (PVH.N) and Britain’s Tesco Plc (TSCO.L) have supported the Bangladesh fire and safety initiative.
Read the ICCR Statement on the issue…
Investors Support Conflict Mineral Rule June 3rd, 2013
The Missionary Oblates JPIC office has joined other investors in supporting a U.S. law aimed at preventing trade in conflict minerals from the Democratic Republic of Congo. The investors statement supporting the final rule by the SEC on Section 1502 of the Dodd-Frank legislation says, “Given that the long standing conflict in the Democratic Republic of Congo (DRC) has claimed more than five million lives and contributed to egregious human rights abuses such as rape, child soldiers, and slave labor, we believe companies must disclose their use of conflict minerals.”
Some manufacturers and business associations have sued the Securities and Exchange Commission (SEC) on the Section 1502 rule.
Missionary Oblates Join Other Institutional Investors in Calling for Comprehensive Immigration Reform May 1st, 2013
Missionary Oblates joined more than 70 institutional investors in a letter calling on Congress to take immediate action and pass common-sense immigration reform. The organizations consist of investors representing $890.5 billion in assets on behalf of major pension funds, non-profit organizations and socially conscious and faith-based investors.
The investors’ letter says, “We believe comprehensive reform must be developed and implemented consistent with the human rights of all concerned, must value the integrity of families and must prevent immigrant workers be they temporary or permanent from being subjected to second-class employment standards.”
Read the letter (Download PDF)
Streetwise Highlights Faith Consistent Investment Work January 3rd, 2013
A series of recent articles in Streetwise focusing on socially responsible investing, look at the work of the Interfaith Center on Corporate Responsibility (ICCR), the financial crisis and shadow banking system from the perspective of faith-consistent investors, and “doing well by doing good”. Streetwise, a social service agency in Chicago serving the homeless and at-risk population, combines immediate access to earned income through the sale of their newspaper with an array of social service supports.
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