Sweden’s €39bn pension fund Andra AP-fonden (AP2) has told RI it has “initiated a dialogue” with South Korean steelmaker Posco over accusations it has a “direct and long-term relationship with the Myanmar military or military-controlled businesses”.
In February, Myanmar was subject to a military coup resulting in democratic institutions and processes being shut down, media outlets closed, elected leaders arrested and more than 500 civilians killed.
Last week, RI reported that Dutch pension funds ABP and PFZW had come under fire from campaign group Justice For Myanmar for investing in nine companies, including Posco, Adani Ports, Bharat Electronics and Hilton Worldwide Holdings, which allegedly have relationships with the military or companies under its control.
AP2 said that it has already engaged with beverage firm Kirin regarding Myanmar, through the Swedish Council of Ethics. Following discussions in 2020, Kirin said in February that it…