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Swedish AP Funds exclude four companies accused of contravening international conventions
Author: Ethical Council (Sweden), Published on: 30 September 2013
[Business & Human Rights Resource Centre invited Incitec Pivot & Walmart to respond. Incitec Pivot response provided. Walmart did not respond]. [Swedish pension funds] are to divest their holdings in Walmart, Freeport McMoRan, Incitec Pivot and Potash after being advised by their Ethical Council that several years of engagement with the companies had failed to delivered the desired results...As long-term, responsible and active investors, the AP funds seek to drive positive change in environmental and social governance at companies worldwide...The Ethical Council bases its recommendation on exclusion of Walmart...on...systematic abuses of workers' rights...[in the US]...[The] exclusion of Freeport McMoRan Copper & Gold...reflects the fact that the company through its mining activities in Indonesia has been linked to serious adverse environmental impacts...The...exclusion of Incitec Pivot...and Potash...are based on both companies being purchasers of phosphate from a Moroccan supplier that mines its product in Western Sahara...[T]he UN's legal counsel stated in January 2002 that exploration of mineral resources in Western Sahara without local consent would be in breach of the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights...