Investment conference hit by protests over ‘fire and rehire’ accusations for sponsor Pemberton

The Miami Global Alts investment conference has been hit by protests against sponsor Pemberton’s links to allegedly exploitative employment practices in the UK.

Pemberton Asset Management is the owner of Wrexham-based ready-meal maker Oscar Mayer, which Unite claimed is attempting to ‘fire and rehire’ low paid workers to cut wages by up to £3,000.

Pemberton is a ‘silver tier’ sponsor of Global Alt, and its head of net asset value financing, Thomas Doyle, is speaking at the event.

Unite urged Global Alt attendees – such as the Office of the New York City Comptroller, New York State Common Retirement fund, Norges Bank and the Guy’s & St Thomas Foundation – not to invest in Pemberton until the policies in question are scrapped at Oscar Mayer.

The same call was made to local council pension funds across the UK, which currently have around £700m tied up in investments linked to Pemberton.

Clwyd Pension Fund, for retired council workers across North East Wales, pledged not to invest anymore in Pemberton after discovering that £5.6m of member funds were indirectly invested in the business.

Sharon Graham, general secretary at Unite, said: “Pemberton’s refusal to halt the disgraceful actions at Oscar Mayer are putting its wider relationships at risk.

“Current and potential investors, whether in the UK or overseas, won’t want to be associated with a firm that is ok with such abhorrent employment practices.