PensionDanmark, one of Denmark's largest pension funds, said on Wednesday that it had decided to sell its shares in Tesla due to Tesla's refusal to reach an agreement with the union. PensionDanmark manages the pension funds of 823,000 Danes, with assets under management of 317.3 billion Danish kroner (approximately US$45.81 billion).
"Given that this conflict is spreading to Denmark and Tesla's recent very clear refusal to enter into union agreements in any country, we have concluded that as investors we have little ability to influence the company at this time," the pension fund said in an emailed statement.
"This is why we now exclude Tesla," the fund said.
The decision is part of a growing movement in the Nordic country to force Tesla to sign a collective bargaining agreement with Swedish mechanics, who have been on strike since October.
Unions in Norway and Denmark said this week they would start blocking transit shipments of Tesla cars destined for the Swedish market.
Tesla's policy is not to agree to collective bargaining and says its workers are treated as well or better than what Swedish unions are demanding.
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