{"id":11960,"date":"2023-11-28T12:34:38","date_gmt":"2023-11-28T11:34:38","guid":{"rendered":"https:\/\/uniglobalunion.org\/?post_type=news&p=11960"},"modified":"2023-11-28T14:58:14","modified_gmt":"2023-11-28T13:58:14","slug":"labour-rights-investor-network-launch","status":"publish","type":"news","link":"https:\/\/uniglobalunion.org\/news\/labour-rights-investor-network-launch\/","title":{"rendered":"Investors with more than US$2.2 tn in assets launch global network focused on workers\u2019 rights"},"content":{"rendered":"

Launch of Labour Rights Investor Network coincides with event at US Department of Labor<\/em><\/p>\r\n

Investors representing more than US$2.2 trillion in assets under management or advice are coming together to call on the companies they invest in to respect workers\u2019 fundamental rights to freedom of association and collective bargaining.<\/p>\r\n

The Labour Rights Investor Network (LRIN) is a global initiative that brings together asset managers, asset owners and investment service providers committed to integrating labour rights into their stewardship practices. LRIN signatories include the New York City Employees\u2019 Retirement System and Teachers\u2019 Retirement System, Sweden\u2019s Folksam and the UK-based Local Authority Pension Fund Forum.<\/p>\r\n

The launch of the Network coincides with an event<\/a> at the US Department of Labor aimed at highlighting how businesses and investors can become more resilient and competitive by harnessing the growing global movement for worker voice. The event, \u201cNew Frontiers for Empowering Workers and Business,\u201d will feature Acting Secretary Julie Su alongside New York City Comptroller Brad Lander, representatives from Microsoft and others from the labour and business communities.<\/p>\r\n

The Network\u2019s guiding Investor Statement notes that labour rights are \u201cfundamental pillars of human freedom,\u201d as recognized by the United Nations (UN) and the Organisation for Economic Co-operation and Development (OECD).<\/p>\r\n

Beyond the fundamental nature of the rights to freedom of association and collective bargaining, members of the Network also recognize the investor case for empowering workers.<\/p>\r\n

\u201cCompanies that respect labour rights reap many benefits, such as greater productivity, safer workplaces, and improved employee engagement,\u201d according to the LRIN Investor Statement<\/strong>. To see the full statement and a list of signatories, click here.<\/a><\/p>\r\n

The LRIN is housed at the Global Unions\u2019 Committee on Workers\u2019 Capital (CWC), a committee of the International Trade Union Confederation, the Global Union Federations and the Trade Union Advisory Committee to the OECD that advocates for the responsible investment of workers\u2019 capital.<\/p>\r\n

\u201cWith this Network, we will bring the voices of workers whose fundamental labour rights are violated to the attention of investors committed to ensuring those rights are upheld in their portfolios. This will enable those investors to improve their human rights due diligence, mitigate risks and uphold responsibilities under international norms and frameworks,\u201d said CWC Chair Christoffer J\u00f6nsson<\/strong>.<\/p>\r\n

Signatories to the Investor Statement request that the boards and senior management at investee companies take responsibility for labour rights oversight, ensure respect for workers’ rights to freedom of association and collective bargaining, and provide disclosures on labour-related metrics.<\/p>\r\n

“This Network serves a critical role in securing workers\u2019 rights worldwide. In care and other sectors, we have seen effective investor stewardship make a difference for workers wanting to exercise their fundamental rights. We also know that information from unions on the ground is necessary for investors to understand \u2013 and mitigate \u2013 risks in investee companies,” said UNI Global Union General Secretary Christy Hoffman<\/strong>.\u00a0<\/p>\r\n

The Labour Rights Investor Network will then provide the necessary information and tools for investor members to integrate this into their stewardship practices.<\/p>\r\n

Investor Quotes<\/strong><\/h3>\r\n
\r\n

\u201cAs financial stewards responsible for the retirement savings of thousands of unionized workers, we want to ensure that the companies in which we invest our capital are in turn investing in their workforces. Ignoring fundamental workers\u2019 rights risks eroding long-term shareholder value. The historic movement to ensure labour rights are respected has led to measurable gains for hundreds of thousands of workers. We are proud to stand boldly with the Committee on Workers\u2019 Capital to announce this important initiative, which centres respecting labour rights as a business imperative key to mitigating systemic risks.\u201d\u00a0<\/p>\r\n

\u2014\u00a0Brad Lander, New York City Comptroller<\/strong><\/p>\r\n

\u00a0<\/em><\/strong>“We are delighted to be an early signatory to Labour Rights Investor Network, as we see the real value it will bring to strengthening our stewardship. We expect investee companies to respect freedom of association and collective bargaining, but know far too often this fails to happen in reality. Through gaining resources and hearing insights directly from unions, we believe that the Labour Rights Investor Network will help us address the problem.\u201d<\/p>\r\n

\u2014 Emilie Westholm, Head of Responsible Investments and Corporate Governance, Folksam<\/strong><\/p>\r\n

\u00a0\u201cLAPFF is very pleased to support the launch of the Labour Rights Investor Network as a signatory. Over the years, the Forum has engaged with numerous companies and unions over management of workforce issues, and these topics are being raised more frequently. We have also found on issues like climate change that collaborative networking initiatives can increase the effectiveness of investors\u2019 stewardship activity. So, the creation of a network focused on rights at work could not come at a better time.\u201d<\/p>\r\n

\u2014 <\/strong><\/em>Councillor<\/strong> Doug<\/strong> McMurdo,<\/strong> LAPFF<\/strong> Chairman<\/strong><\/p>\r\n<\/blockquote>","protected":false},"excerpt":{"rendered":"

Launch of Labour Rights Investor Network coincides with event at US Department of Labor Investors representing more than US$2.2 trillion in assets under management or advice are coming together to call on the companies they invest in to respect workers\u2019 fundamental rights to freedom of association and collective bargaining. 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