Bloomberg reports that the Switzerland-based federation of labor unions says it’s calling for the protest because Wal-Mart violates child labor and discrimination laws, offers poor wages and benefits, and does not give most of its employees the freedom to unionize. The federation said investors should instead place money in “socially responsible” companies.
This is just the latest in a long line of attacks on Wal-Mart for being anti-union (See UFCW Accuses Wal-Mart of Anti-Union Tactics and Wal-Mart’s Union Fight as Hot as Ever in Court and NLRB ).
But, Bloomberg reports that the retailer denies being anti-union and just prefers to have a “direct relationship” with its employees. They also claim they have raised living standards in some of the poorest neighborhoods in the world by bringing jobs and low prices to the areas.
There was no immediate effect on Wal-Mart stock due to the resolution, according to Bloomberg. Wal-Mart shares dropped only .6% to $45.29 and had normal levels of trading. As Bloomberg pointed out, Wal-Mart will be hard to beat with its annual revenue of $285 billion and its ability to attract 138 million shoppers to its stores weekly.