Bangladesh: Fair Action reports that Nordic banks fail to hold H&M and other brands accountable to living wage promises
In February 2019, Fair Action released a report exploring, among other things, the role of Nordic banks (as shareholders) in holding H&M accountable to its promise to ensure living wages for garment workers in its supply chain by 2018, particularly in Bangladesh. Fair Action studied 14 banks, finding that "none of the banks are doing enough to push for living wages" and, specifically, that "the banks have not demanded that the garment companies set concrete objectives in terms of measurable wage increases."
We invited Länsförsäkringar, Skandia Mutual Life; Handels Banken; Danske Bank, Swedbank, Nordea, SEB Group, DNB, Storebrand, KLP, Sparebank 1 Nord-Norge, Sparebank 1 SR-Bank, Sparebank 1 SMN, Sparebank 1 Østlandet, Sparebank 1 Østlandet to respond to the allegations.
Nordea and Danske Bank chose not to respond.