Rivian is nearing an IPO in the coming weeks that could attract a valuation of about $80 billion and raise between $5 billion and $8 billion for the company. Its pre-IPO investors include Ford Motor Co., Amazon.com, T. Rowe Price and BlackRock.
SOC, formerly known as CtW Investment Group, is an advisor for union pension funds that have more than $250 billion in assets. It has taken a more activist approach with such companies as Doordash, Uber and Lyft, around such issues as board diversity, executive pay and company stock structure.
This is the first time SOC has approached an automaker about the battery supply chain, and Waizenegger said it will raise the issue with other automakers, as well as investors.
Waizenegger cited BlackRock, the world’s largest asset manager, as having required companies it invests in to prevent human rights abuses. He said SOC had not yet reached out to BlackRock about its letter to Rivian.
Human rights
He also said such automakers as Ford and Daimler have made commitments to protect human rights and the environment. In addition, Volvo and BMW have backed a call for a moratorium on deep-sea mining.
Amnesty International, which has reported in the past on human rights abuses in cobalt mines in Africa, have seen SOC’s letter to Rivian, and welcomed the push. It was one of the authors of a report demanding companies in the battery supply chain protect humans rights and the environment.
Richard Kent, the organization’s researcher on human rights and energy transition, said all automakers are falling short of implementing the United Nations guiding principles on business and human rights.
“Investors are playing an increasingly active role in due diligence around the world, particularly in companies driving the energy transition,” he said.
