Dutch pension fund PNO excludes Wal-Mart over labour standards

Pensioenfonds PNO Media, the €3bn industry-wide pension fund for the Dutch media sector, has excluded US supermarket giant Wal-Mart from its investment universe because of labour law violations. “After careful consideration we have decided to add Wal-Mart to the PNO Media exclusion list,” the fund has said on its web site. Hilversum-based PNO says its three pillars of responsible investment are engagement, voting and – in extreme cases – exclusion. United Nations Principles for Responsible Investment signatory PNO decided in 2009 to cease engaging with the Alabama-based corporation due to “lack of progress”.

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