Norway Wealth Fund Backs Nike Shareholder Proposal on Labor Rights
Norwegian wealth fund backs Nike shareholder proposal on labor rights
, saying the company should do more to ensure its suppliers respect workers' rights.
The world's largest sovereign wealth fund, which owns about 1.5% of Nike shares, said in a statement on Friday that it had voted in favor of a shareholder proposal calling on the company to report on its efforts to ensure its suppliers respect workers' rights.
The proposal, which was filed by the Interfaith Center on Corporate Responsibility and several other faith-based groups, asks Nike to report on the steps it is taking to address the risks of forced labor, child labor, and other labor rights abuses in its supply chain.
The Norwegian wealth fund said it supports the proposal because it believes that Nike should be doing more to ensure that its suppliers respect workers' rights. The fund said that it has engaged with Nike on this issue in the past and will continue to do so in the future.
Nike has been criticized in recent years for its labor practices in its supply chain.
In 2017, a report by the Worker Rights Consortium found that Nike suppliers in Vietnam were paying workers less than the minimum wage and forcing them to work overtime.
Nike has said that it is committed to improving its labor practices and has taken steps to address the issues raised in the report.
However, the Norwegian wealth fund said that it believes Nike needs to do more to ensure that its suppliers respect workers' rights.
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