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PAGEIND - Page Industries News Story

₹30248.8 349.6  1.2%

Last Trade - 20/04/21

Consumer Cyclicals
Large Cap
Market Cap £3.22bn
Enterprise Value £3.20bn
Revenue £238.2m
Position in Universe 112th / 3108

Speedo to probe findings of human rights violations against Indian partner Page

Thu 3rd September, 2020 7:13am
By Abhirup Roy
    MUMBAI, Sept 3 (Reuters) - Speedo International will
investigate a report of possible human rights violations by its
Indian partner Page Industries  PAGE.NS , which Norway's wealth
fund dropped from its portfolio this week, the United
Kingdom-based swimwear maker told Reuters.
    Norway's $1 trillion sovereign wealth fund, the world's
largest, on Monday said that "unacceptable risk" due to human
rights violation led to exclusion of some companies including
Page, which is the exclusive licensee for Speedo and innerwear
maker Jockey International in India.*:nL8N2FX1X3
    The fund's decision was based on its Council on Ethics'
findings which flagged these concerns and also said that Page
had violated national regulations on issues such as fire safety.
    While Page manufactures Speedo products in only one Indian
factory which was not mentioned in the Council's report and was
found compliant in an audit, the British company said it was
concerned about the findings which it will investigate further.
    "We take all matters relating to workers and violation of
human rights extremely seriously," Speedo said in a statement
late on Wednesday in response to Reuters queries.
    "We are naturally concerned to hear about the findings of
the Council ... and we will investigate and follow up with the
licensee as a matter of urgency."
    Jockey did not respond to requests for comment. 
    India's Page Industries also did not immediately respond.
The company's website says it had employed more than 20,000
people by 2018 and had operations spread across 15 manufacturing
complexes in India.
    The Norway's fund's ethics council report said the abuses
were found in one of Page's factories in the southern city of
Bengaluru, describing it as "a pattern of behaviour."  
    Page "does little" to prevent the abuse of labour rights in
its operations, failed provide information on the findings and
did not permit an inspection of the factory, the Council report
    Page has so far not commented on the report or the Norway
fund's decision to exclude the company from its portfolio.

 (Reporting by Abhirup Roy; Editing by Aditya Kalra and Kim
 ((; + 91 22 6180 7067; Reuters
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