Second union meeting with NBIM focuses on advancing workers’ rights, peace 

UNI Global Union and four Norwegian affiliates – Finansforbundet, HK Norway, Negotia and NAF, alongside the Norwegian Confederation of Trade Unions (LO) – met with key representatives from Norges Bank Investment Management (NBIM) on 19 February.  

The meeting is the second in a ongoing dialogue with the sovereign wealth fund manager about promoting workers’ rights more effectively through NBIM’s massive, US$1.5 trillion portfolio. These annual discussions began last year after NBIM rolled out a new policy in 2023 on human capital management.  

“NBIM has made significant steps towards using its tremendous influence to advance the human rights of workers around the world, and we are grateful for this headway,” said UNI Global Union General Secretary Christy Hoffman. “But workers’ rights and unions are under attack globally, and the resulting inequality is fuelling extremism, conflict and anti-democratic sentiment. That is why we look forward to continuing our engagement with NBIM to support and expedite this progress.” 

The meeting focused on three critical areas where the fund’s 1.5 per cent ownership stake, on average, in 9,000 companies could help tip the scale: 

• Advancing workers’ rights: The discussion emphasized the need for NBIM to proactively use its ownership rights to support freedom of association and collective bargaining within the companies it invests in. This includes addressing how such rights intersect with emerging challenges like artificial intelligence and its impact on the workforce. 
• Enhancing transparency: The group highlighted the need for NBIM to continue to enhance its transparency and improve how it responds to stakeholders’ concerns about the labour practices of companies within its portfolio. 
• Promoting peace: The meeting also focused on the ongoing conflict in Gaza, particularly on NBIM’s investments in companies with operations in the contested settlements. This topic highlighted the broader ethical considerations NBIM faces in its investment decisions. 

UNI aims to continue these annual meetings with NBIM to harness its considerable influence towards more sustainable and ethical investment practices. Additionally, we will continue engaging the fund throughout the year on key issues facing workers worldwide.