The Bangladeshi government has given the Bangladesh Accord on Fire and Building Safety the go-ahead to operate for another three years.
The legally-binding five-year initiative was set to expire in May 2018, but this has now been extended to 31 May 2021.
H&M is among 47 brands and retailers renewing their commitment to the Accord, as have trade unions IndustriALL Global Union and UNIGlobal Union. Together the brands and retailers cover almost 1,200 factories.
After 2021, the Bangladeshi government will transfer the Accord to a national regulatory body. However, it will set up a temporary agreement if firms believe Bangladesh is not ready for it.
H&M head of sustainability global production Pascal Brun said: “H&M is confident that the remarkable achievements of the 2013 Accord will be sustained through the ‘Transition Accord’ until it is demonstrated that a credible regulatory body with the rigorous oversight mechanisms can take over all Accord functions.”
More than 200 retailers signed the Accord in 2013, including John Lewis and Shop Direct.