Sweden, following the Norway's example, has excised millions of dollars worth of Wal-Mart stock from its state-sponsored pension fund, citing Wal-Mart's exploitative labor practices.

From Marketwatch:

Carl Rosen, head of ownership issues at the fund, told Dow Jones Newswires that the decision was based on alleged abuses of workers' rights at Wal-Mart's various businesses.

"Since there are so many accusations from so many parties, in so many countries, it's impossible to say that there have been no systemic abuses," he said.

Norway's Oil fund divested its interests in Wal-Mart earlier this year.

Reuters reports:

OSLO - Norway on Tuesday said its more than $240 billion oil fund would no longer invest in the world's largest retailer Wal-Mart due to what it called "serious and systematic" abuses of human and labor rights.

The Norwegian government said it had also decided to exclude shares in mining group Freeport-McMoRan Copper & Gold from the oil fund's for environmental reasons.

The Finance Ministry based the exclusions on the recommendations of the fund's ethical council.

"The recommendation to exclude Wal-Mart cites serious/systematic violations of human rights and labor rights," the Finance Ministry said in a statement. "The recommendation to exclude Freeport is based on serious environmental damage."

It said the council found "an extensive body of material" that indicated Wal-Mart had broken norms, including employing minors against international rules, dangerous working conditions at many of its suppliers and blocking workers' efforts to form unions.