The city of Portland has indicated that it no longer plans to invest in retail corporation Wal-Mart.
The city currently has five Walmart bonds in its portfolio, all of which are expected to expire by April 2016. According to the Portland Business Journal, the decision represents the elimination of $36 million worth of investments in Wal-Mart, which had previously comprised around 2.9 percent of the city’s investment portfolio.
The Portland City Council has been implementing a new socially responsible investment protocol since October 2013, and the decision to end its investment in Wal-Mart signals that shift being put into practice.
According to the Huffington Post, Wal-Mart still plans to expand in the Portland area, although the city’s lack of investment in the company signifies a more difficult road for the retail store in Portland.
Commissioner Steve Novick claimed that the move was important because it let Wal-Mart know how serious the city is about implementing socially responsible business practices.
“It says to Walmart we would like you to change your practices and provide better jobs,” said Novick, according to KOIN.
The exact reasons as to why Wal-Mart does not align with Portland’s new socially-responsible mission are unclear.