{"id":23203,"date":"2022-07-13T23:01:05","date_gmt":"2022-07-13T23:01:05","guid":{"rendered":"https:\/\/share.ca\/?p=23203"},"modified":"2023-04-28T17:27:01","modified_gmt":"2023-04-28T17:27:01","slug":"global-trade-unions-release-labour-rights-framework-for-asset-managers","status":"publish","type":"post","link":"https:\/\/share.ca\/blog\/global-trade-unions-release-labour-rights-framework-for-asset-managers\/","title":{"rendered":"Global trade unions release labour rights “Baseline Expectations” framework for asset managers"},"content":{"rendered":"\n\n
\n\n
\n
\n \n
\n

The Global Unions\u2019 Committee on Workers\u2019 Capital (CWC) has released\u00a0its Baseline Expectations for Asset Managers on Fundamental Labour Rights<\/a><\/span>. Developed by trade unions and pension fund board members as part of the Asset Manager Accountability Initiative, the CWC Baseline Expectations will help asset owners hold asset managers accountable on fundamental labour rights.<\/h3>\n

Global asset managers invest capital on behalf of workers\u2019 retirement savings funds, positioning them to not only provide long-term financial returns to beneficiaries, but to also use their investing power to better advocate for Fundament Labour Rights. Pension fund trustees who sit on the boards of these funds expect\u00a0their managers to uphold their responsibilities to mitigate adverse labour\u00a0impacts in their investments, but up until now, have not had a clear set of expectations to guide their relationship. Likewise, other types of asset owner vehicles, including foundations and religious investors, also have growing expectations of their managers.<\/p>\n

\u201cGlobal asset managers can hold sizeable stakes in public and private market investments where fundamental labour rights, such as the right to freedom of association and collective bargaining, are violated\u201d said Paddy Crumlin, President of the International Transport Workers\u2019 Federation (ITF) and vice-president of the CWC. \u201cAsset owners can now use the Baseline Expectations to drive actions by asset managers to use their influence and ultimately drive impact on the ground for workers whose rights are violated.\u201d<\/p><\/blockquote>\n

The CWC Baseline Expectations<\/a> progress from \u201cbaseline\u201d into \u201cgood practices\u201d and are divided in four categories from which to assess an asset manager\u2019s level of commitment to respecting and upholding fundamental labour rights:<\/p>\n

    \n
  1. Stewardship framework;<\/li>\n
  2. Stewardship practices in public equities (proxy voting and shareholder engagement);<\/li>\n
  3. Stewardship practices in private markets; and<\/li>\n
  4. Policy advocacy<\/li>\n<\/ol>\n <\/div>\n\n <\/div>\n <\/div>\n