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PAGEIND - Page Industries News Story

₹30248.8 349.6  1.2%

Last Trade - 20/04/21

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

UPDATE 1-Speedo looking into report of human rights violations at Indian partner Page

Thu 3rd September, 2020 10:52am
(Adds comments from Page Industries; updates shares)
    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.  urn:newsml:reuters.com:*: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."
    Page didn't comment on Speedo's remarks, but told Reuters in
a statement it "unequivocally denies the bland, unverified and
outrageous allegations" made in the Council's report and that it
followed all laws.
    "The report does not reflect the correct state of affairs of
the units of the company," Page's statement said.
    Shares in Page fell as much as 4% after Reuters reported
Speedo's comments and after the announcement of its June quarter
results. They were trading down 3.3% at 0900 GMT. 
    Page'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
said.
    
    

 (Reporting by Abhirup Roy; editing by Aditya Kalra and Kim
Coghill)
 ((abhirup.roy@thomsonreuters.com; + 91 22 6180 7067; Reuters
Messaging: abhirup.roy.thomsonreuters.com@reuters.net))
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