Dutch Pension Fund Drops Walmart
The Dutch retirement fund Algemeen Burgerlijk Pensioenfonds (ABP) announces it will no longer invest in Walmart because of the company’s repeated violation of international labour standards. The fund, which has over $300 billion in assets and is the third largest in the world, had over $147 million invested in Walmart as of September 30, 2011.
UNI Global Union General Secretary, Philip Jennings said, “This is a black eye for Walmart. If Walmart continues its anti-worker, anti-union stance decent companies will not want to be associated with it. Walmart’s business model is unsustainable and it is having a devastating effect upon workers, suppliers and retailers. We congratulate ABP for pulling out from Walmart. The tide is turning against Walmart.”
“This is an important day for Walmart associates who want to be treated with respect,” said Dan Schaldeman, director of Making Change at Walmart. “We’re pleased to see that ABP realizes that Walmart might be saying the right thing about respecting workers, but continues to engage in all kinds of bad behaviour. This should send a clear message to Walmart and its shareholders: treating workers poorly is bad for business.”
UNI and its affiliates are engaged in battles to stem the tide of Walmart’s anti- worker practices worldwide. In India UNI is taking part in the consultation process after the country’s Cabinet decided to suspend its decision to approve 51% foreign direct investment in multi-brand retailing. If this decision had stood it would have given Walmart and other international supermarkets access to the $450 billion retail market without proper safeguards. UNI is campaigning alongside the All-India alliance to ensure that Walmart is not given carte blanche to operate in India as it does in the US. UNI is drawing on its experience of tackling Walmart in South Africa where UNI’s affiliate the South Africa Commercial, Catering and Allied Workers Union (SACCAWU) and three agencies of the South African government have appealed the decision of the Competition Tribunal to allow Walmart to take over South Africa’s Massmart company. The ruling is expected early this year.