The UK is still reeling from allegations that garment-factory workers for fast fashion giant Boohoo face modern slavery conditions in Leicester factories in Central England.
On Friday, Aberdeen Standard Investments, one of the AIM-listed company’s largest investors, divested the stock completely. It had exposure through a number of responsible and impact funds. Lesley Duncan, Deputy Head of UK Equities at Aberdeen Standard Investments, said it had lobbied the company to improve working conditions and felt progress was being made.
“However, in the last few weeks our concerns have grown on the progress being made, which even before recent developments, had negatively impacted our conviction levels in the company,” she says.
Thulsi Narayanasamy Senior Labour Rights Researcher at the Business & Human Rights Resource Centre (BHRRC), says the problem with factories in Boohoo’s supply chain has been well-documented since 2015 - even highlighte…