Source: Committee on Workers’ Capital
The Baseline Expectations for Asset Managers on Fundamental Labour Rights are geared at helping CWC network participants hold the asset managers they contract accountable on fundamental labour rights.
The CWC Baseline Expectations are divided into four categories from which to assess an asset manager’s level of commitment to respecting and upholding fundamental labour rights:
(1) Stewardship framework
(2) Stewardship in public equities (including proxy voting and engagement)
(3) stewardship in private markets
(4) Policy advocacy
Pension fund trustees, staff and other asset owners can share this document with contracted asset manager and ask their managers to report back to them on the implementation of the Expectations.
Asset managers can use this document as a road map for continual improvement of their firm’s approach to fundamental labour rights in investments.
The CWC Secretariat will analyze and compare manager practices against the CWC Baseline Expectations and inform the CWC network of its findings.
The Baseline Expectations draw from global human rights frameworks such as the UN Guiding Principles on Business and Human Rights (UNGPs), the OECD Guidelines for Multinational Enterprises, and the ILO Declaration on Fundamental Principles and Rights at Work.
The Baseline Expectations were developed collaboratively by trade union officials and pension fund trustees affiliated to unions, including: the Australian Council of Trade Unions (Australia), AFL-CIO (USA), Comisiones Obreras (Spain), FNV (Netherlands), the International Trade Union Confederation (ITUC), UNI Global Union (UNI), the International Transport Workers’ Federation (ITF) and the Trade Union Advisory Committee to the OECD (TUAC).