Aberdeen Standard Investment (ASI) has exited fast fashion retailer Boohoo, under investigation for links to modern slavery, from its impact and responsible investment funds.
It follows days of focus on Boohoo’s treatment of workers after the Times newspaper revealed on Sunday it was paying as little as £3.5o (€ 3.85) an hour to make clothes. The minimum wage in the UK is £8.72 for people over 25. There is now a National Crime Agency investigation into modern slavery in Leicester factories in central England.
Boohoo was a holding in the ASI UK Impact Employment Opportunities fund, which has an objective to invest in companies that “promote and implement good employment opportunities and practices”.
The ASI UK Ethical Equity fund, the ASI UK Responsible Equity fund and the Premier Ethical fund also had exposure to Boohoo.
An ASI spokesman confirmed all the funds completed their exit from Boohoo yesterday.
Lesley Duncan, Deputy Head of UK E…