More than two billion kronor of Swedish pension money goes directly into the pockets of eleven dictatorships.
Countries where unionized employment is in many cases associated with a risk to life. Where human rights are violated and in many cases work is a very dangerous factor in the world.
This appears when Arbetet Global examined the investments of the second AP fund. By buying government bonds, Swedes’ pension money goes directly to the machine of dictatorships.
There are no requirements for these countries to live up to democratic values.
Does not comply with the professional requirements of the International Labor Organization
According to the policy of the second AP Special Fund, the basic conventions of the ILO must be followed, ensuring the right to form and join trade unions freely.
But buying government bonds in countries like Egypt and Qatar goes against that. In Qatar, even unions are banned.
Heavy weight workers’ conditions
The answers Arbetet Global receives tell us when we try to ask the second AP fund for an explanation of why these investments are made.
It is said that you follow international regulations and that if you hold your investments despite violations, you must work to influence development for the better. But no more precise answers can be obtained about how this happened.
It is hard to interpret as anything other than those union rights and workers’ conditions having little weight when Swedish pension money is invested.
It’s time for a new review
When new rules were to be set in 2015 for AP fund investments of Swedish pension funds, the LO demanded that they not be allowed to go into countries and companies that prevent unionization or persecute unions in various ways.
Such a law would have put an end to the retirement money in the pockets of dictatorial regimes. A new revision will be in the system.
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