The Ursuline Sisters are among several religious orders that have signed onto a “Canadian Investor Statement on Bangladesh.” So far there are 52 signatories from value-based investors representing $44.7 billion in assets.

“We feel as a responsible investor, this is a way we can influence companies,” said Urseline general treasurer Sr. Karen Gleeson.

The statement asks Canadian retailers to sign the “Accord on Fire and Building Safety in Bangladesh” which, after the April 24 Rana Plaza factory collapse in suburban Dakkha, began circulating to garment retailers. So far, Loblaw Inc. is the only Canadian signatory.

The demand that retailers sign the accord is being co-ordinated by the union-backed Shareholder Association for Research and Education, mutual fund companies NEI Investments and Meritas SRI Funds, and the Batirente retirement fund of the Confederation des Syndicats Nationaux — a Quebec labour union with Catholic roots. The accord was drafted by the IndustriALL Global Union and has 50 signatures — mostly from European companies.

North American retailers complain the accord creates unlimited liability for retailers and shifts basic government regulatory functions for enforcing building codes onto retailers.

The Retail Council of Canada issued a statement a week after the Rana Plaza collapse killed over 1,100 workers claiming it would “develop an updated set of responsible trade guidelines, best practices, educational material and resources for the industry.”

Representatives of the Retail Council of Canada did not return phone calls from The Register.

The sisters hope the coalition can put more pressure on retailers to take action, Gleeson said.

“We know money talks,” Gleeson said. “Unfortunately, that seems to be the bottom line that will have an effect.”