08:48 AM EDT, 09/05/2024 (MT Newswires) -- Norway's $1.7 trillion wealth fund plans to support a proposal calling for Nike ( NKE ) to consider whether binding worker agreements could improve its approach to human rights issues in high-risk countries, Reuters reported Thursday, citing the fund.

The proposal, put forward by Domini Impact Equity Fund ahead of Nike's ( NKE ) shareholders' meeting next Tuesday, raises concerns that Nike ( NKE ) lags behind competitors like Adidas and Puma, which have signed binding labor agreements, the report said.

Nike ( NKE ), which is grappling with declining sales, has recommended shareholders vote against the proposal, Reuters said.

The Norwegian fund is Nike's ( NKE ) ninth-largest shareholder, according to the report.

Nike ( NKE ) did not immediately respond to MT Newswires' request for comment while the Norwegian fund could not be reached.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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