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Norwegian Pension Fund stake in Nestle under scrutiny

Sep 24

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24/09/2009 17:28  RssIcon

 Unions call on ethical fund to assess Nestle's alleged “systemic pattern of human rights abuses”

The Norwegian Government Pension Fund’s €1.9bn stake in Nestlé has come under scrutiny from Norwegian labour unions. In a joint letter, the unions have asked the Finance Ministry to assess an alleged “systemic pattern of human rights abuses” by the Swiss food group. The company is the fund’s second largest equity holding.

The unions argue Nestlé’s wages policy in countries such as Indonesia and India violates the International Labour Organisation’s conventions and the pension fund’s ethical guidelines. They called on the Norwegian government to put pressure on Nestlé to “respect fundamental ILO Conventions and the ethical guidelines of the Pension Fund. If it is impossible to engage in a constructive dialogue, the Finance Ministry should consider withdrawing its investment in Nestlé.”

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