LUCRF Super signs Investor Statement on Bangladesh

LUCRF Super has signed the Investor Statement on Bangladesh, joining more than 200 investors globally, calling for workplace reform in the garment factories of Bangladesh.

Second only to China as the largest garment manufacturer in the world, the Bangladesh garment industry has seen massive growth over the last two decades.

However, their labour standards have long been of concern to the international community.

In particular, the April collapse of the eight storey Rana Plaza building which killed 1,129 people and injured more than 2,500, highlighted to the world the poor safety standards that are commonplace in Bangladesh. It also underscored the urgent need for global retailers to take action.

In signing the Investor Statement on Bangladesh LUCRF Super seeks to urge retailers who source garments and apparel from Bangladesh to sign the Accord for Fire and Building Safety in Bangladesh. Signatories to the Accord commit to the goal of a safe and sustainable garment industry for Bangladesh and agree to institute systematic reforms to protect workers.

LUCRF Super CEO Greg Sword AM is wholeheartedly behind this important program. “At LUCRF Super, we take our responsibility as investors seriously so signing the Investor Statement on Bangladesh was an easy decision to make. Ensuring the safety of workers needs to be a priority for retailers who source garments from Bangladesh.”

Following LUCRF signing on to the Investor Statement on Bangladesh in September 2013, the Bangladesh Investor Initiative has progressed to include direct engagement of a targeted list of 21 companies that are yet to sign on to either the Accord for Fire and Building Safety or the Bangladesh Worker Safety Initiative, with the goal of encouraging more companies to join the Accord.

In 2011, LUCRF Super partnered with the Australian Council of Super Investors (ACSI) to produce research papers into the labour standards and human rights policies of Australia’s top 200 companies. The results found that there was significant room for companies to improve the robustness of their policies.