Glass Lewis ESG Controversy Alert: BYD

MT Newswires Live

05-19

Glass Lewis issued a controversy alert on Saturday for BYD (HKG:1211, SHE:002594) shareholders ahead of the company's annual general meeting on June 6.

The alert relates to worker welfare issues that the electric vehicle company's Brazil factory construction faces, following the discovery of 160 Chinese employees living in "slavery-like" conditions at the site.

The company ended its ties with subcontractor Jinjiang Construction Brazil and transferred the workers to hotels.

The company said it asked for improved working conditions and will commit to meeting Brazilian labor laws.

BYD postponed the factory's opening to December 2026 amid investigations, with limited production to start later in 2025.

The alert's rationale relates to a unique ESG issue and falls under employee health and safety as well as human capital management.

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