SWEDEN - The Second AP Fund has disposed of its interest in both Wal-Mart and Wal-Mart Mexico, citing "infringements of internationally accepted ethical norms."
Eva Halvarsson, CEO of AP2 (pictured) claimed Wal-Mart had so many documented incidents concerning the infringement of norms, "both within its own operations and throughout its supply chain that, in our opinion, the existence of an inherently unethical system is placed beyond all reasonable doubt.”
The fund said: "The Second AP Fund has disposed of its interest in Wal-Mart and Wal-Mart Mexico, which was held in the form of shares and bonds."
AP2 said it had written letters, exercised its voting rights at AGMs and participated in an investor group to influence the company, but said the company had failed to indicate any change in its attitude to employee rights.
The Norwegian Council on Ethics (Norska Etikkrådet), which acts as an advisor to the Norwegian State Pension Fund (Utland), gathered extensive evidence to allegedly demonstrate how Wal-Mart, infringed internationally accepted ethical norms, in a serious and systematic manner.
At time of writing Wal-Mart were unable to respond.
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