US - Wal-Mart has reacted angrily to allegations from the giant Swedish AP2 pension fund that it was unethical.
The response sent to Global Pensions followed the news that AP2 had decided to divest from Wal-Mart in both the US and Mexico. AP2 had cited “infringements of internationally accepted ethical norms” by the retail giant.
Amy Wyatt, from international corporate affairs at Wal-Mart, said: “While we would not comment on any investor decision regarding transactions in our stock, we can offer a commenton the characterization of Wal-Mart, which does not appear to be based on fact.”
She said the firm strived to adhere to the highest standards in the treatment of all its associates.
“Wal-Mart has put in place stringent standards for its suppliers around the world and is working with other retailers, governments and non governmental organizations to ensure that working conditions comply with the law and are consistent with those standards,” she added.
Meanwhile, the Swedish Finance Ministry has announced that KerrMcGee corporation will now form part of the government pension fund’s, Global, portfolio.
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