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17 Jul 2015

Cotton Campaign

NGOs call on Norges Bank to exclude Daewoo & Posco from its investment universe

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"Norway Refuses to Assess NBIM’s Financial Link to Forced Labor- NBIM urged to exclude Daewoo International for profiting from forced labor", 14 Jul 2015

After Norway’s decision to ignore the issue of forced labor in Uzbekistan, the Cotton Campaign, Korean Transnational Corporation Watch and Anti-Slavery International call on NBIM to make its own decision and add Daewoo and its parent company Posco to NBIM’s list of companies excluded from investment consideration due to human rights violations. The complaint presented evidence of systematic forced labor in the cotton sector in Uzbekistan, Daewoo International’s repeated admissions that it uses the forced-labor cotton for its Uzbek operations, and NBIM’s investment in Daewoo...The NCP’s decision to reject the case means NBIM and the complainants do not have access to mediated dialogue. Notably, NBIM’s policy is to exclude companies when there is an unacceptable risk that the company contributes to or is responsible for systematic human rights violations, including forced labor...Therefore, we urge NBIM to exclude Daewoo International and Posco from its investment universe...