SWEDEN: H&M Conscious Foundation commits to Rana Plaza Fund
Almost a year on from the Rana Plaza factory collapse in Bangladesh, Hennes & Mauritz's Conscious Foundation is to donate US$100,000 to the victims of the disaster.
Although H&M did not use any the factories within the complex, the donation will support the victims and their families through the Rana Plaza Donors Trust Fund, set up and managed by the International Labor Organization (ILO).
H&M said it will also continue its work with fire and building safety issues, "as these questions are very important to us".
The retailer has already signed the Bangladesh Accord on Fire and Building Safety, a legally binding document aimed at making the country's garment sector safe and sustainable, along with more than 150 other companies.
While it welcomed the Fund as a temporary solution for providing compensation to workers, H&M said a long-term compensation structure "needs to be developed" for the Bangladeshi garment industry based on ILO convention 121.
The company is initiating work with its business partners and other industry stakeholders to create a new insurance mechanism, which will "guarantee adequate protection for all workers and employers in a situation where compensation is needed".
"The vision is that this system will be built in and integrated on industry level and thereby is applicable to everyone, regardless of which buyer or other international interests are present at any given time.
"Only in that way, can the industry properly protect the workers in a long-term sustainable way."
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