Wal-Mart's silence regarding its labor relations in the US has prompted PGGM NV to stop investing in the company. In addition, it would be selling around Eur200 million worth of Wal-Mart shares.

The Dutch asset manager, which manages over Eur140 billion of retirement savings, opposed the restriction of opportunities for employees to organize themselves into unions. The decision to cease investing in Wal-Mart came after the firm declined to answer questions and concerns raised regarding its labor relations practices in the US.

Aside from PGGM, Stichting Pensioenfonds ABP has also included Wal-Mart in its excluded investments list as of January 2012. Stichting Pensioenfonds ABP, the biggest Dutch pension fund, has Eur292 billion worth of retirement savings.

Other groups were also critical of the working conditions in the world's largest retailer. This included OUR Walmart, an employee group that was backed by unions and which members protested at Wal-Mart's headquarters in Bentonville, Arkansas during last month's annual meeting.