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Article

10 Apr 2014

Author:
Javed Siddiqui, Financial Express

Human rights disclosures and RMG sector [Bangladesh]

…Bangladesh is currently the second largest exporter of readymade garment products in the world…the competitive advantage is sometimes potentially offset by a few shattering incidents that are capable of creating negative perceptions in the minds of the foreign buyers…Investors, who provide the capital for the large multinationals, are often wary of ethical trading norms…The onus…is on the Bangladeshi manufacturers of RMG products to address the concerns about ethical issues so that the buyers are more confident of a sustainable supply chain…quality of financial reporting has never been one of the strongest features of the Bangladeshi corporate sector. From the buyers' point of view…important to be able to assure their investors that their supply chains are managed ethically…Human right reporting…driven by guiding principles issued by the International Labour Organisation (ILO) and the Organisation for Economic Cooperation and Development (OECD)…In 2011, the United Nations issued a set of guiding principles…'protect-respect-remedy'…companies such as Walmart and Primark…have designated web pages regarding ethical trading in Bangladesh.

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