Friends Fiduciary Supports Investor Statement Remembering the 10th Anniversary of Rana Plaza Collapse

April 24, 2023

April 24, 2023 marks 10 years since the Rana Plaza building collapse in Bangladesh that killed 1,138 garment workers and injured another 2,500. One of the worst workplace disasters in modern history, the tragedy exposed the human rights risks to corporate apparel brands of “outsourcing manufacturing to factories with inadequate safeguards to protect workers.” In response, Friends Fiduciary and other investors supported the formation of the Accord on Fire and Building Safety in Bangladesh, a legally binding agreement between brands and unions to reform and create safe factories. This Bangladesh Accord was renegotiated in 2018, extending the program which then led to the International Accord for Health and Safety in the Textile and Garment Industry, expanding the agreement to include other countries. Most recently the Pakistan Accord on Health and Safety was launched in January 2023. FFC and other investor signatories are asking companies, whose operations apply, to sign on to these accords and commit to “safeguarding health and safety of workers in Bangladesh, Pakistan and throughout global supply chains.”