Scandinavia in opposition to Tesla, funds taking motion alongside the unions | EUROtoday

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And now issues are additionally beginning to come up on the facet of traders within the space, whereas for the second the inventory has not suffered any shocks. He took sides, final however not least, Norway’s $1.5 trillion sovereign wealth fund. He informed Reuters that Tesla ought to respect basic labor rights, together with collective bargaining.

Investment funds in motion

Norges Bank Investment Management (Nbim), which manages the sovereign wealth fund, is the seventh largest shareholder of Tesla with a 0.88% stake, value round 6.8 billion {dollars}, in response to information from Lseg, the Stock Exchange London. “We expect the companies in which we invest to respect fundamental human rights, including labor rights,” Nbim mentioned. “In 2022, we supported a proposal from Tesla shareholders that called for the company to introduce a policy respecting the right to organize.”

The 2022 proposal, which in response to Nbim was supported by 32% of voters, requested Tesla to undertake a coverage of respect for labor rights resembling freedom of affiliation and collective bargaining. The board of administrators of the corporate led by Musk advisable a no vote.

The smaller Velliv Pension & Livsforsikring, which manages about $47 billion, mentioned it was “aware of the challenges associated with Tesla” and anticipated the corporate to alter its conduct, a spokeswoman mentioned.

Meanwhile, on Thursday, the PensionDanmark group took motion and bought Tesla shares. Local media Frihedsbrevet reported that it’s about 400 million crowns ($58 million). The president of the 3F union, which is the soul of the Danish strike, Jan Villadsen, can also be a member of the board of administrators of PensionDanmark. The fund has greater than 800 thousand members and 45 billion {dollars} in complete belongings.