The $3 billion industry fund is threatening to drop a global equities manager over an investment in a company facing claims of systemic workplace violations.
The $3 billion industry fund First Super is threatening to sever ties with global equities manager Orbis over an underlying investment in a company embroiled in allegations of workplace law violations.
First Super chief executive Bill Watson says its members want them to make money but to do it in a responsible manner.Connecticut-based XPO has been hit with accusations of systemic workplace issues, including claims of sexual harassment and serious safety breaches. The company also paid $US16.5 million to settle a class action lawsuit in California last year after drivers claimed they were incorrectly classified as contractors rather than employees.
Mr Watson has now given Orbis "a number of months" to meet their demands or they will cut ties with the asset manager altogether. Orbis declined to comment. XPO shares have increased 24 per cent so far in 2019, compared with a rise of about 18 per cent for the broader US sharemarket.
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