Dutch pension administrator shuns Wal-Mart
by July 2, 2013 11:06 am 123 views
Wal-Mart Stores Inc. is no longer an investment option for Dutch pension administrator PGGM Vermogensbeheer B.V., according to a press release from the funds manager on Monday (July 1.)
PGGM cited the the retailer’s unwillingness to discuss labor issues in the United States as the reason behind the investment ban. PGGM referred to “tense U.S. labor relations” and the retailer’s lack of “fruitful dialogues with its shareholders” in their statement.
Wal-Mart had no comment on the matter.
The institutional investor held 2.76 million shares of Wal-Mart stock as of March 31. The firm manages more than $182.50 billion in the pensions of employees who work in social and healthcare sector of the Netherlands.
PGGM said it met with Wal-Mart multiple times about concerns of labor discontentment.
Last year, the firm said it questioned the retailer about the bribery scandal allegations within its Mexican business unit "but these questions were left unanswered.”