Walmart Blacklisted By Major Pension Fund Over Poor Labor Practices
A major pension fund and longtime investor in Walmart has blacklisted the retailing behemoth, citing poor labor practices and the company's anti-union stance as the driving force behind its rejection.
Walmart typically shrugs off criticism of its labor practices as union-driven propaganda and insists that its employees are happy and well-managed, but investing experts say that when one of the largest pension funds in the world divests, the company would be wise to listen to the message. It's the same message the American labor movement has been pushing for decades.
On Tuesday, the Netherlands' biggest pension fund, Algemeen Burgerlijk Pensioenfonds, with more than $300 billion in assets, announced that it was blacklisting the largest retailer in the world for noncompliance with the United Nations' Global Compact principles. The Global Compact presents a set of core values relating to human rights, labor standards, the environment and anti-corruption efforts. Sixteen other companies were blacklisted along with Walmart, nearly all of them excluded for producing chemical or nuclear weapons that violate the Nuclear Non-Proliferation Treaty.
ABP said on Wednesday that the decision to pull its investment from Walmart was not hasty. The fund declined to say how much money is involved, but according to ABP records, it had invested some 95 million euros, worth $121 million today, in U.S. Walmart stores as of June 30, 2011. The fund first sent a letter to Walmart executives in 2008, a year after ABP formalized its responsible-investing policy. Four years later, after many meetings with employees and all levels of management, ABP concluded the retail giant was still falling short.
http://www.huffingtonpost.com/2012/01/05/walmart-blacklist-abp-pension-fund_n_1186384.html
Kingofalldems
(38,361 posts)FreakinDJ
(17,644 posts)primavera
(5,191 posts)Gawd knows no US company would give a shit about human rights practices.
JNelson6563
(28,151 posts)Doctor_J
(36,392 posts)to not invest in any death industries - war profiteers, health "insurance" companies, and so on. Stuff like this might well make a difference.
CountAllVotes
(20,854 posts)I must admit (although I am not invested in the stock market) that it seems quite difficult to avoid these companies. It seems to me that the typical mutual fund or "total stock market index" type of funds include these companies like Halliburton, Transocean, BP, Monsanto, etc. ad infinitum.
We need a forum here on green investing. It might help a few folks out there that can't stomach investing in war profiteers, etc. and are looking for places to invest what money they might have (i.e. 401Ks, IRAs, etc.) in more respectable companies.
Mopar151
(9,965 posts)Some folks have done all right for themselves with this strategy.
Omaha Steve
(99,073 posts)K&R!
jdadd
(1,313 posts)K&R
sarcasmo
(23,968 posts)marmar
(76,985 posts)DeSwiss
(27,137 posts)Lars77
(3,032 posts)The American ambassador to Norway lost his shit and criticised the decision in the newspapes, even criticised our government. It did not go down well.
Lars77
True, he was quiete out of line when he ciritized the decision in the newspaper - and it dosen't got down to wel, as he was told to shut up, in diplomatic terms of course, but the message was rather clear.. It was the same Ambassador who more than once messed up the message in the years he was ambassdor here...
Diclotican
Lars77
(3,032 posts)Lars77
Don't rembember the name either. Even tho he was a strong supporter of Bush jr, and was messing around with internal political issues at more than just one time here in Norway.. Aka political issues that a Diplomat should be vice enough to not get into.. Specially when he dosen't know to mutch about how things work in the host country..
And he was summoned to the Forreign office more than once in the years he was stationed here, becouse he had the ability to plump into things he should not have been talking about in a public forum..
He was a clown, as many of the diplomats who was Ambassadors under Bush jr.. But he managed to influence the shoice of the next fighter for Norway - by more or less treated it would have grave consequenses if we dosen't shoose the F35 over, say the Swedish Jas 39 Gripen, or Eurofighter... But the cost of the F35 is just spiraling out of control and I guess even Norway would have to rethink our dessision to get F35 in the end. If not US all togheter say "sorry, no fighters for you - and no refund either". But you can get a nice deal of brand new F16 then..
Diclotican
Islandlife
(212 posts)Rare decision. Is this a first?
zbdent
(35,392 posts)drawing on welfare and other government $$$, it would be constantly screamed about on Faux as on the "fast track" to socialism/communism.
And yet, Wal-Mart teaches its employees how to do just such a thing, and not much noise from the "liberally-biased media" ...
Greybnk48
(10,148 posts)humblebum
(5,881 posts)Where are the anti-trust laws?
primavera
(5,191 posts)sarge43
(28,939 posts)BenYehuda
(17 posts)Last edited Sat Jan 7, 2012, 12:47 PM - Edit history (1)
What kills me most about them...is they are truly a demigod unto themselves.....and then act like they have done something good for America...they have done NOTHING good for America ....all they have done is enrich their shareholders.....
1. They thrive off of labor arbitrage;
2. They have destroyed COUNTLESS little family owned business that were for generations the fabric of America - for this I hate them most;
3. They COPY other peoples products......fake Dr. Pepper, fake Clearly Canadian.....etc....and often for large manufacturers with many products at Walmart they cant do anything about it...cuz Walmart will then DROP all theirs products (not just the ones they are trademark infringing upon) if they are challenged by the victicm.............they are bad to both consumers AND product manufactures....
What would/will it take to get MANUFACTURES to start boycotting Walmart......one as a moral stand...and two as a way to let consumers know they DO NOT stand with Walmart and specifically REFUSE to carry their products there.
Does anything like this exist?
humblebum
(5,881 posts)objectives are what they need to taken seriously by the vast majority of Americans.
BenYehuda
(17 posts)If anyone here would like to work with me in setting up such a thing...please message me.
Looking at setting up: The Socially Responsible Retail Manufacturing Council
Then approaching retail product manufacturers about getting involved.... I am sure many manufactures presently at Whole Foods who would never in their life WANT to be on the shelves at Walmart will be a good place to start.
Contact me if wanting to be involved!
humblebum
(5,881 posts)is what they were designed to confront - Mega corporations from becoming more powerful and influential than democratic government itself, thus destroying small business competition ... and jobs ... and communities ... and rights ... and health ... and lives ....
fasttense
(17,301 posts)The laws are still on the books, but since Raygun, they have not been enforced.
Buy American laws are still on the books too. But they too are willfully ignored just like torture treaties.
ashling
(25,771 posts)Already posted to my Facebook page
BlueJazz
(25,348 posts)..show likes working for the Wal-mart. I got nearly 200 dollars last week.
...and since my rent is 740, I have mor money than a body can hope to have!!
Fuck You Wal-Mart. You're the scum of the Earth. Plus, your ads saying: "Live better" are
an affront to any thinking person.
Sherman A1
(38,958 posts)Canuckistanian
(42,290 posts)With the heat of a thousand white-hot suns. Their misfortune is my joy.
freshwest
(53,661 posts)blue neen
(12,308 posts)It's time the world pays attention to Wal-Mart's destructive policies.
Bozita
(26,955 posts)Fuck Walmart!
flpab
(217 posts)PA Democrat
(13,225 posts)stockholmer
(3,751 posts)that is all