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What is Being Done?
On June 30th 2011, Algemeen Burgerlijk Pensioenfonds (Netherlands biggest pension fund) withdrew their $121 million dollar investment in Wal-Mart due to poor labor practice and other faults in the company. The following information goes into further detail:
Title: ‘Walmart Blacklisted By Major Pension Fund Over Poor Labor Practices’
“A major pension fund and longtime investor in Walmart has blacklisted the retailing behemoth, citing poor labor practices and the company's anti-union stance as the driving force behind its rejection”
What happened: Algemeen Burgerlijk Pensioenfonds removed their investment of $121 million on June 30, 2011 after Wal-Mart failed to meet labor and environment standards. The pension fund had repeatedly met with Wal-Mart executives in an attempt to find a solution, but Wal-Mart proved stubborn. "There has been a change, but in the end we had to conclude that it was not enough," said Anna Pot, a senior sustainability specialist involved in the decision. "We felt that if the workers are not happy, then what does it mean for the company?"
That awkward moment when a friendship fell apart the the day after it was mended...
Oh well!