Ethos is among 123 global investors that have published a joint declaration on 16 May 2013 deploring the loss of 1'300 lives in several accidents in garment factories in Bangladesh.
In the wake of the most recent fire that took place on 8 May, socially responsible investors reacted rapidly calling on industry leaders in Europe and the United States to implement humane working conditions at the garment factories of their subcontractors in Asia. According to the signatories of the declaration, these incidents are an illustration of the failure of global companies to assure humane working conditions to the employees of their subcontractors.
According to the signatories of the declaration, the business model which provides cheap clothes in Western countries incentivizes corruption and lax oversight, as there is fierce competition at low-cost producing nations for garment manufacturing contracts. The local governments turn a blind eye to audit oversight in global supply chains, hoping to attract investments to stimulate their struggling economies. In light of the indecent wages and unacceptable working conditions, the signatories of the declaration call on brands and retailers to implement the internationally recognized standards of the International Labour Organisation.