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August 04, 2020 07:00 PM

Investors urge companies to safeguard migrant workers

Sophie Baker
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    Peter Hugh Smith, CEO at CCLA
    Photo credit: Alex Griffiths
    Peter Hugh Smith, CEO at CCLA

    Institutional investors representing more than $3 trillion in assets are calling on global companies operating in the Persian Gulf to safeguard migrant workers amid the coronavirus pandemic.

    The investors, led by CCLA, which runs £11 billion ($14.1 billion) in assets for charities and religious organizations, have written to 54 companies that have business operations in Gulf nations to request details about how they are protecting migrant workers.

    The group is responding to recent reports that have identified how migrant workers in the region have been coerced into paying fees to agents and middlemen as part of recruitment processes for roles that support major international businesses, a news release said. Paying recruitment fees is often only possible by taking out excessive loans or signing over assets and property, resulting in "debt bondage." The group is concerned this puts such migrant workers at high risk of forced labor and modern-day slavery.

    The COVID-19 pandemic has led to many migrant workers losing their jobs or their roles being revoked. Migrant workers account for about 50% of the population in Gulf nations and in some of the countries represent up to 90% of the workforce.

    The investor letter focuses on high-risk sectors including hospitality, construction, and oil and gas. Investors also recognize that, given the complicated nature of migrant worker recruitment supply chains and labor outsourcing, many of these multinational companies may not be aware of the risks in the region.

    See more of P&I's coverage of the coronavirus

    Investors want companies to disclose use of any labor outsourcing companies or migrant workers within their operations in the Persian Gulf. Where companies do, the group wants information on how they work with agencies, including policies and processes to identify, reimburse and support migrant workers who have been impacted by recruitment fees or passport retention.

    "The International Labor Organization regards the payment of recruitment fees and costs as a significant indicator of forced labor with debt bondage estimated to be a factor in over half of the 25 million cases of forced labor worldwide," Peter Hugh Smith, CEO at CCLA, said in the release. "As investors, we have a moral duty to ensure that we are not profiting from modern slavery in any shape or form and CCLA will continue to encourage the investment community and leading companies to do more to uncover and prevent modern slavery."

    Signatories to the letter include the Brunel Pension Partnership, Bristol, England, which brings together £30 billion in local authority pension fund assets, £525.8 billion money manager Schroders and the £8.7 billion Church Commissioners for England, London.

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    October 23, 2023 page one

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