Second AP Fund excludes Wal-Mart

The Second AP Fund has confirmed its position concerning Wal-Mart’s alleged infringement of human rights in working life. Wal-Mart, which is the world’s largest retailer, posted sales of USD 285 billion in 2005.

Dating from 2003, the Second AP Fund has written letters, exercised its voting rights at AGMs and participated in an investor group to influence the company, but the company has failed to indicate any change in its attitude to employee rights.

Norska Etikkrådet (the Norwegian Council on Ethics), which acts as an advisor to the Norwegian State Pension Fund “Utland” (formerly known as the Petroleum Fund), has gathered extensive evidence to demonstrate how Wal-Mart, in a serious and systematic manner, has infringed internationally accepted ethical norms.

“Wal-Mart has so many documented incidents concerning the infringement of norms, both within its own operations and throughout its supply chain that, in our opinion, the existence of an inherently unethical system is placed beyond all reasonable doubt,” says Eva Halvarsson, CEO, Second AP Fund.

The Second AP Fund has disposed of its interest in Wal-Mart and Wal-Mart Mexico, which was held in the form of shares and bonds.

For further details, please contact Eva Halvarsson, CEO, Second AP Fund; or Carl Rosén, Head of Corporate Governance and Communications,
on +46 (0)31 704 29 00.