Le Lézard
Classified in: Transportation
Subjects: LBR, AVO

Teamsters Warn South African Investors Of Workers' Rights Risks At XPO Logistics (USA)


DURBAN, South Africa, July 29, 2019 /PRNewswire/ -- Today, the Teamsters Union is warning South African institutional investors regarding the many risks facing investments in one of the world's largest transportation and warehousing companies, XPO Logistics [NYSE:  XPO] at the Institute of Retirement Funds Africa conference in Durban, South Africa. The conference is the largest gathering of South African institutional investors, an industry with 6.2 trillion ZAR or $440 billion USD assets under management. The union is meeting with pension fund trustees and other investment professionals throughout the conference.

International Brotherhood Of Teamsters. (PRNewsFoto/International Brotherhood of Teamsters)

"We believe XPO's record in the USA of misclassifying workers that have led to civil and state led legal actions, violating their workers freedom of association rights and subjecting warehouse employees to work under deplorable conditions where workers allege sexual harassment, pregnancy discrimination and unsafe and unhealthy conditions leaves pension funds and other investors exposed to extraordinary risk," said International Brotherhood of Teamsters General President James P. Hoffa.

XPO's human capital management problems persist throughout several of its business segments, with workers reporting workers' rights violations in both Europe and North America.

A hedge fund with deep roots in South Africa, Orbis Investment Management Ltd., is the largest institutional shareholder of XPO Logistics stock, owning 23 percent of the outstanding shares.  Orbis is a signatory to the United Nations Principles for Responsible Investment and the firm has issued its own Statement on Responsible Investing. Orbis is founded by Allan Gray, South Africa's largest independent asset manager.  A percentage of Orbis profits are earmarked for the Allan Gray Foundation, a charitable trust. 

"I worked for XPO Logistics In Memphis, Tennessee for six years under what I believe to be inhumane conditions," said former XPO employee Tasha Murrell, "In my opinion, responsible investors should have very deep concerns about the sustainability of XPO and the reputational risk associated with investing in the company."

Contact:  Louis Malizia
1-202-497-6924

SOURCE International Brotherhood of Teamsters


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News published on 29 july 2019 at 02:00 and distributed by: