Swedish AP funds defects from investing in American chain, Walmart
Monday, 30 September 2013
Swedish wealth fund, the AP Funds which manages Swedish pension money,
is not satisfied with the U.S. retail giant, Walmart's treatment of its
employees. As such the fund is withdrawing its investments on from
The First, Second, Third and Fourth AP Funds (AP1-AP4) are to divest
their holdings in Walmart, Freeport McMoRan, Incitec Pivot and Potash
after being advised by their Ethical Council that several years of
engagement with the companies had failed to delivered the desired
Granscole/ file image
The Ethical Council that advices the fund has in recent years engaged
in dialogue with retail chain Walmart Stores, mining company Freeport
McMoRan and chemicals producers Incitec Pivot and Potash. In spite of a
strong commitment to this process, the Ethical Council has been unable
to achieve its objectives. It has therefore chosen to terminate the
dialogue and issued a recommendation to each fund to exclude the
companies' shares from their investment portfolios. All four funds have
elected to follow the recommendation.
According to reports from Swedish media sources, citing a press release, AP fund is now selling its shareholdings in Wallmart.
The reports also hold that for ethical reasons, the fund is also
selling its holdings in mining company Freeport Mcmoran and the
chemical companies, Incitec Pivot and Potash.
See the press release here for details
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