Norway dumps Wal-Mart stock over human rights abuse
Crossposted from Daily Kos.
Citing “serious and systematic” abuse of human and labor rights, Norway’s Finance Ministry today banned Wal-Mart, the world’s largest retailer and employer, from the $250 bn Norwegian Government Pension Fund - Global.
This investment fund, where much of Norway’s soaring petroleum revenue is stashed away for future generations, is one of the largest in the world. In addition to a policy of ethical corporate governance, its investments are subject to ethical guidelines issued by Parliament and applied by the Finance Ministry based on advice from an independent Ethics Council. For instance, companies can be blacklisted for environmental offenses or involvement in the production or maintenance of landmines, cluster bombs, or nuclear weapons.
In Wal-Mart’s case, the Ethics Council found “an extensive body of material” suggesting it had employed minors against international rules, condoned dangerous working conditions among its suppliers, and suppressed unions. Norway’s Finance Minister Kristin Halvorsen (picture) of the Socialist Left Party explained:
When given a chance to answer these charges, Wal-Mart responded with silence, she added.
Where Wal-Mart does choose to be vocal is in its support of the GOP. It is known for its major campaign contributions, 85 percent of which have gone to Republicans. During the 2004 campaign cycle, wherein Wal-Mart was the #2 donor, Dick Cheney lavished glowing praise upon the corporation:
For once, there is no reason to doubt his sincerity.
Good for Norway! I wish every country in the world would ban this evil, monstrous, reprehensible, community-destroying, slave-labour supporting, environmentally harmful company from operating anywhere. Anything Cheney supports has got to be all of these things by definition.
Comment by Ann Coffey — February 1, 2009 @ 8:03 pm