Norway wealth fund to vote for labour rights motion at Starbucks AGM
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OSLO (Reuters) – Norway’s $1.3 trillion wealth fund, one of the world’s largest investors, will vote in favour of a shareholder motion calling on Starbucks to report on how it respects labour rights, the fund’s manager said on Thursday.
The Norwegian fund owns 1.05% of Starbucks’ shares, worth $1.2 billion at the end of 2022, according to fund data. It is the company’s tenth-largest shareholder, according to Refinitiv Eikon. Starbucks is due to hold its annual meeting on Thursday.
Over the years, Schultz helped Starbucks build a reputation as a progressive employer, offering higher salaries and more benefits – including company stock and health insurance – than other restaurant chains.
But the company’s response to a growing union campaign, as well some of Schultz’s public comments, have been described by some critics, including some shareholders, as overly aggressive.
Norges Bank Investment Management (NBIM), which operates the Norwegian wealth fund, said it would vote in favour of commissioning a third-party assessment of Starbucks’ commitment to freedom of association and collective bargaining rights.
In a separate opinion piece published on Thursday, NBIM’s Chief Governance and Compliance Officer, Carine Smith Ihenacho, and Caroline Eriksen, a senior fund official, said NBIM had grown concerned over the issue.
“Freedom of association and the right to collective wage bargaining are fundamental employee rights – and human rights,” they said.
Starbucks was not immediately available for comment.
(Reporting by Gwladys Fouche, editing by Terje Solsvik)
Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.
