Dutch Pension Group Halts Wal-Mart Investments Over Low Wages And Working Conditions
(Reuters) – Dutch pension administrator PGGM Vermogensbeheer B.V. said on Monday it would no longer invest in Wal-Mart Stores Inc , saying the retailer was not willing to discuss its concerns, including possible labor issues in the United States.
Wal-Mart, the world’s largest retailer, declined to comment.
Wal-Mart “was not prepared” to take concerns about what PGGM called “tense” U.S. labor relations into consideration and its board was not willing to participate in “fruitful dialogues” with shareholders, PGGM said in a statement.
PGGM is a Zeist, Netherlands-based pension administrator focused on pensions of employees of the Dutch healthcare and social work sector. It manages more than 140 billion euros ($182.50 billion) in assets.
PGGM said that it met with Wal-Mart multiple times about the issues of concern. In 2012, it questioned the company about the Wal-Mart de Mexico , or Walmex, bribery scandal, “but these questions were left unanswered,” it said.
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