The Norges Bank Investment Bank (NBIM), which operates the Norwegian fund, supported Sweden’s IF Metall strike against Tesla. The bank urged Tesla Sweden to sign a collective agreement with IF Metall.
Norges Bank Investment Bank is Tesla’s 7th biggest shareholder. According to LSEG data, the Norwegian bank holds a 0.88% stake in TSLA worth about $6.8 billion. The bank has not commented on whether it will divest Tesla shares but has openly shown its support of IF Metall and its ongoing strike against the Texas-based automaker.
“We expect companies in which we invest to respect fundamental human rights, including labor rights,” NBIM told Reuters.
NBIM also divulged that it supported a shareholder proposal in 2022 at Tesla, which introduced a policy to respect the employee’s right to organize. The Tesla board then recommended a “no” vote for the proposal.
The Norwegian bank is closely watching the IF Metall’s strike against Tesla. However, it has not announced any plans to divest its Tesla shares. In contrast, Danish pension fund Pension Danmark put Tesla on its exclusion list.
Other Nordic pension funds have put Tesla on their watchlist as IF Metall’s strike continues. Denmark’s AkademikerPension states it would watch the strike against Tesla Sweden, hoping for a satisfactory solution. AkademikerPension also said it would hold on to its $18 million stake in Tesla.
“It seems that it has not dawned on Tesla’s management that proper working conditions create more value and fewer risks in companies,” said AkademikerPension’s CEO Jens Munch Holst.
In Sweden, two pension funds are watching Tesla closely but have found no grounds to divest their shares in the American company. Sweden’s API state pension fund holds a $187 million stake in Tesla and stated that keeping an open dialogue with the car company is better than selling shares. Meanwhile, Swedish fund AP4, with a $114 million Tesla stake, believes IF Metall’s strike is not a reasonable basis for the automaker to be on its exclusion list.