U.S. auto maker Tesla Inc should respect fundamental labour rights, including that of collective bargaining by labour unions, Norway's $1.5 trillion sovereign wealth fund, the world's biggest stock market investor, told Reuters on Friday.

The electric vehicle producer faces a backlash in the Nordic region from unions and some pension funds over its refusal to accept a demand from Swedish mechanics for collective bargaining rights covering wages and other conditions.

Norges Bank Investment Management, which operates the Norwegian fund, is Tesla’s 7th biggest shareholder with a 0.88% stake worth some $6.8 billion according to LSEG data.

“We expect companies in which we invest to respect fundamental human rights, including labour rights,” NBIM said in a statement to Reuters when asked about Tesla’s conflict with its Swedish workers.

“In 2022 we supported a shareholder proposal at Tesla that asked the company to introduce a policy to respect the right to organise,” it added.

The 2022 proposal, which NBIM said was supported by 32% of those who voted, called on Tesla to adopt a policy of respecting labour rights such as freedom of association and collective bargaining. The company’s board recommended a ‘no’ vote.

  • girlfreddyOPEnglish
    14·
    1 year ago

    That fund is no joke. They quite literally own more of the world wide financials than many countries.

    Too bad O&G-rich places like Texas and Alberta didn’t pay attention on how to manage their fossil fuel profits properly.

    • WashedOver@lemmy.ca
      14·
      1 year ago

      Are you sure about that? They did the text book play of taking the profits while leaving the taxpayers to deal with the environmental clean up and the losses. /s

    • Maggoty@lemmy.world
      2·
      1 year ago

      Oh no they did it perfectly. The rich people walked away with all the money and everyone else gets to beg for scraps from them.