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.

  • BigDanishGuy
    15·
    11 months ago

    Come along, Germany, join the Nordic solidarity

    Unfortunately solidarity strikes are not legal in Germany. What we need are the French unions to join in. Have you seen the video of French firefighters going hand to hand with riot police? The French know how to party, we could use their noice in this.

    • Maggoty@lemmy.world
      1·
      11 months ago

      That’s at least partially because those particular firefighters are actually part of the French Army.