Sampension publishes on its website:
The Sampension community has now completed its investigation into PDD Holdings, the company behind Temu, and is therefore excluding the company from its investment universe.
In recent days, the media has focused critically on Danish pension companies’ investments in the company PDD Holdings, which owns the trading platform Temu. The Sampension community has invested approximately DKK 161 million in PDD Holdings.
Temu is accused of circumventing European law and is currently being investigated by the European Commission. According to the European consumer authorities, this is a breach of consumer protection rules, while the case initiated by the European Commission has not been concluded.
On this basis, the Sampension community has conducted an investigation of PDD Holdings, which has resulted in the exclusion of the company.
“We have now completed our investigation of the investment in PDD Holdings, the owner of Temu. Based on the investigation, we assess that the company has behavior that is contrary to our responsibility policy – including in particular a lack of consideration for consumer interests. We are therefore now excluding the company,” says Jacob Ehlerth Jørgensen, Head of ESG in the Sampension community.
He adds that in the event of a breach of the Sampension community’s responsibility policy, it must be assessed whether the company can be influenced to change its behavior through dialogue or other forms of active ownership. Since the issues for which PDD Holdings is criticized are a significant and integrated part of the company’s business model, the Sampension community’s assessment is that this is not realistic.
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