# Norway wealth fund to vote for labour rights motion at Starbucks AGM
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-23
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Norway's Wealth Fund Backs Labour Rights at Starbucks
Meta Description: Norway's $1.3 trillion wealth fund will support a shareholder motion on Starbucks' labour practices. Learn more about this important decision.
URL: https://financedigest.com/norway-wealth-fund-to-vote-for-labour-rights-motion-at-starbucks-agmhtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-03-23t093913z1lynxmpej2m09xrtroptp4starbucks-results-1736814268526-compressed.jpg)

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](https://www.financedigest.com/aon-data-empowers-unica-to-offer-flood-insurance-for-5-2bn-canadian-peril.html "Aon data empowers Unica to offer flood insurance for .2bn Canadian peril") – 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](https://www.financedigest.com/plastic-antibody-developer-strengthens-board-following-further-investment-from-mercia-fund-management.html "“Plastic antibody” developer strengthens board following further investment from Mercia Fund 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](https://www.financedigest.com/iris-software-group-names-matt-tuson-as-chief-revenue-officer.html "IRIS Software Group names Matt Tuson as Chief Revenue 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)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---