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The North American Pact
Companies plan to develop a common safety standard for inspection by October to determine which factories will be approved and which need upgrades.
Official name—‘The Alliance for Bangladesh Worker Safety’.
About 20 retailers and brands from either the United States or Canada, including the Children`s Place, Costco, Gap, Hudson Bay, J.C. Penney, Macy`s, Nordstrom, Target and Walmart.
Within a year, inspections will be done in the roughly 500 factories used by the retailers, which have pledged to pursue plans that would correct major safety issues.
The retailers will pay $42 million for inspections and worker safety and are offering $100 million in loans. But they have not pledged to cover all improvements.
Little of the pact is legally binding, beyond the initial financial pledges. Companies may opt out at any time.
The European-Led Pact
Companies agreed to a legally binding plan to inspect and upgrade factories where serious safety problems are found.
Official name- ‘The Accord on Fire and Building Safety in Bangladesh’.
More than 70 retailers and brands from 15 countries including Britain, France, Italy and Japan. The brands include Abercrombie & Fitch, Benetton, H&M, Inditex, Marks & Spencer and PVH. Labor federations and nongovernmental organizations joined the initiative.
Within 9 months, inspections will be done in the 1,200 factories used by participating companies, which have agreed to develop plans to fix hazardous problems.
The companies say they will make sure there is sufficient financing to pay for whatever renovations and other safety upgrades are required.
The accord is legally binding. Suspected violations would be reviewed by the group`s board and an independent arbitration process.
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