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5 Aug 2020

Sophie Baker, Pensions & Investments

Investors urge companies to safeguard migrant workers

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The investors... have written to 54 companies that have business operations in Gulf nations to request details about how they are protecting migrant workers...

The COVID-19 pandemic has led to many migrant workers losing their jobs or their roles being revoked. Migrant workers account for about 50% of the population in Gulf nations and in some of the countries represent up to 90% of the workforce.

The investor letter focuses on high-risk sectors including hospitality, construction, and oil and gas. Investors also recognize that, given the complicated nature of migrant worker recruitment supply chains and labor outsourcing, many of these multinational companies may not be aware of the risks in the region.

Signatories to the letter include the Brunel Pension Partnership, Bristol, England, which brings together £30 billion in local authority pension fund assets, £525.8 billion money manager Schroders and the £8.7 billion Church Commissioners for England, London.