Expert moots 'Global Fund' to avoid Bangla-like tragedies

Ethical Corporation's annual Responsible Business Summit in London saw business leaders and NGOs raise questions about effective factory auditing regimes, building safety standards and the role of brands, governments and NGOs in ensuring this sort of tragedy doesn't occur again.

Mr Webb said: "A global fund could fill a gap and target specific areas where funding is weak, for example, the training of institutions in emerging economies is often an area where expertise is lacking.

"Building inspections, health and safety legal enforcement, and customs reform are all neglected areas for aid and development funding, yet vitally important in encouraging better, legal trade.

"Companies are now banding together to begin to try to tackle systemic issues in their specific industries. But why not have a fund that is contributed to by large companies that want to solve some of the messy problems that contribute to tragedies such as the Rana Plaza building collapse?"

Mr Webb said such a fund could offer public reporting and monitoring in return for funds from business and development agencies.

He said: "It could allow companies to fund important training and capacity-building challenges without having direct decision-making control over what money goes where. This would help to eliminate the 'corporate colonialist barrier' to taking effective action on institutional capacity issues, which can strike fear in the heart of chief executives."

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