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Danish pension firms criticised for Tesla investment

Christian Wenande
October 25th, 2017


This article is more than 7 years old.

PensionDanmark, PKA and Danica Pension among the eight companies to hold shares

A company with a dark side (photo: Pixabay)

A report from the news service Ugebladet A4 has revealed that eight Danish pension firms have invested 140 million kroner in total into the US electric car firm Tesla.

The investment has raised eyebrows because it comes despite Tesla banning unions, paying poorly and sustaining high levels of work-related accidents, according to one expert.

“In my opinion, the pension firms ought to withdraw their investments out of a company that suppresses its employees and forbids unions,” Henning Jørgensen, a labour market researcher at Aalborg University, told Ugebladet A4.

READ MORE: Danish pension firms keeping hands on contentious tobacco shares

Keeping tabs on Tesla
PensionDanmark, whose clients include members of unions 3F and Dansk El-Forbund, holds shares in Tesla worth about 47 million kroner.

The seven other pension firms that have invested in Tesla are Danica Pension, PKA, SamPension, Lægernes Pension, JØP, DIP and PJD Pension.

“In August this year, a dialogue regarding working conditions at Tesla factories and at Tesla distributors has been established,” Jens-Christian Stougaard, the head of PensionDanmark, told Ugebladet A4.

“PensionDanmark will follow the dialogue closely and be an active and critical investor in Tesla, as long as we believe that the dialogue is shifting Tesla in the right direction.”

The question of ethical business concerning Danish pension firms has been a hot topic as of late. Last week, it was revealed that a number of big pension firms in Denmark continue to invest in tobacco shares.


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Moreover, 21 percent of those surveyed admitted to medicating their kids with paracetamol, such as Panodil, before sending them to school.

The FOLA parents’ organisation is shocked by the findings.

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At the Børnehuset daycare institution in Silkeborg a meeting was called where parents were implored not to bring their sick children to school.

At Børnehuset there are fears that parents prefer to pack their kids off with a pill without informing teachers.

“We occasionally have children who that they have had a pill for breakfast,” said headteacher Susanne Bødker. “You might think that it is a Panodil more than a vitamin pill, if it is a child who has just been sick, for example.”

Parents sick and tired
Parents, when confronted, often cite pressure at work as a reason for not being able to stay at home with their children.

Many declare that they simply cannot take another day off, as they are afraid of being fired.

Allan Randrup Thomsen, a professor of virology at KU, has heavily criticised the parents’ actions, describing the current situation as a “vicious circle”.

“It promotes the spread of viruses, and it adds momentum to a cycle where parents are pressured by high levels of sick-leave. If they then choose to send the children to daycare while they are still recovering, they keep the epidemic going in daycares, and this in turn puts a greater burden on the parents.”