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Wednesday, July 03, 2013
Wal-Mart Is Getting Dumped
Dutch pension administrator PGGM announced yesterday that it would no longer invest any of its $180 billion dollars in the low-price retailer because of poor labor conditions – and PGGM's concerns included the working conditions stores in the US. According to Reuters, PGGM repeatedly asked Wal-Mart about labor practices, bribery, and other scandals but "these questions were left unanswered." So, PGGM, which is focused on employee pensions, national healthcare, and social work, will be taking their money elsewhere. As of March, the pension fund held 2.76 million shares of Wal-Mart stock, worth over $200 million dollars. It appears PGGM will now be trading in those shares for more stock in companies like Costco, Bed Bath & Beyond, and Target, whose practices don't raise concerns. Despite protests, strikes, and public-relations nightmares, few things have pushed Wal-Mart to improve their labor practices. But, perhaps $200 million dollars will get their attention, and finally get Wal-Mart to clean up their act.
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9 comments:
The public should be sick and tired of subsidizing Walmart's employees.
The majority of them receive some type of government welfare benefit to make ends meet.
so do most of the shoppers at walmart....
I do not shop at Walmart anymore. I may have to make several more stops for what I need, but I can be party to these practices.
First they declared Thanksgiving no longer a National Holiday - "Sam's Club" will be open tomorrow - the 4th. of July - is Independence Day no longer a National Holiday? So much for "Family Values" - What's needed is a STRONG retail worker's labor union -
yes by all means go to target and hope [some] of your money will stay in the US.
Walmart sponges off taxpayers. Every time they announce they are making some kind of "contribution" they should thank the taxpayers for subsidizing their employees so they can make these tax deductions.
This is one of the few issues the far right and the far left have in common.
None of the price check locations worked while ago when I was in WM north.That is important because of the way items are scattered around and never with the right price.
I don't quite understand what's being said here---There is a minimum wage in the country----many people are employed elsewhere making that--
Exactly what has Walmart been accussed of ?
If you check...many of the big box stores are trying something on for size. They are hiring many more employees (hurray?) but only for shift work. The numbers of employed are going up but the hours are dropping down. I don't know...but I bet it has something to do with health care.
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