Tesla is blacklisted by the Swedish pension fund AR7 due to violations of employees’ rights
One of Sweden’s largest public institutional investors, the AR7 pension fund, has sold all of its Tesla shares and blacklisted Elon Musk’s company. According to Reuters, citing the fund, the reason is the violation of the rights of trade unionists in the United States.
“Tesla has not taken sufficient steps to remedy the situation, despite lengthy negotiations,” the fund said.
- AR7 held shares worth $1.36bn, which was approximately 1% of its assets.
- The fund’s total assets as of the end of May amounted to USD 125 billion.
The decision of the Swedes sent a signal to other ethical investors that violations of labour standards can have significant financial consequences, even for global giants like Tesla.
