Norges Bank, the central bank of Norway, has decided to exclude India-based Page Industries Ltd from investment by the Government Pension Fund Global (GPFG), the world’s largest sovereign wealth fund. This decision is an outcome of a recommendation by the Council on Ethics of GPFG to exclude from investment Page Industries due to an ‘unacceptable risk that the company is responsible for systematic human rights abuses’.
The Council, in its report had stated, “Investigations into working conditions at one of the company’s factories identified numerous labour rights violations, including verbal and physical harassment of employees and occupational health and safety hazards. The company also seems to restrict employees’ rights to organise.”
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