OSLO -- Tesla should respect fundamental labor rights, including that of collective bargaining by labor unions, Norway's $1.5 trillion sovereign wealth fund, the world's biggest stock market investor, told Reuters on Friday.
The electric vehicle producer faces a backlash in the Nordic region from unions and some pension funds over its refusal to accept a demand from Swedish mechanics for collective bargaining rights covering wages and other conditions.
Norges Bank Investment Management, which operates the Norwegian fund, is Tesla's 7th biggest shareholder with a 0.88 percent stake worth some $6.8 billion according to LSEG data.
"We expect companies in which we invest to respect fundamental human rights, including labor rights," NBIM said in a statement to Reuters when asked about Tesla's conflict with its Swedish workers.
"In 2022 we supported a shareholder proposal at Tesla that asked the company to introduce a policy to respect the right to organize," it added.