PME, the pension fund for people working in the metal and tech industries, is withdrawing a total of 5 billion euros from BlackRock. A huge amount and clear signal that BlackRock cannot ignore.
Since January, we have been calling on pension fund participants to stop letting American asset giants such as BlackRock manage our pension money. And it’s working. More and more funds are realising that if you are responsible for the pensions of millions of people, you cannot collaborate with parties that undermine our future.
BlackRock: the bad guy
American asset management giant BlackRock is one of the most powerful financial players in the world. But they use that power against us, not for us. BlackRock invests heavily in fossil fuels, blocks climate resolutions at shareholder meetings and has even withdrawn from an important climate alliance.
The asset manager benefits from companies that contribute to the genocide in Gaza and allows employees to be exploited, while the top executives collect bonuses.
And as if that weren’t enough, BlackRock uses its enormous lobbying influence to bend laws to their will. Their lobbyists in Brussels even help draft EU legislation. With the largest pot of money in the world, they set the course – while we have no say in the matter.
A clear signal to the financial industry
By breaking with BlackRock, PFZW (pension fund for healthcare and social services) and PME are sending a clear message: customers will walk away if a partner opposes climate policy. At the same time, this fuels demand for asset managers who do take climate risks seriously. For them, this is an encouragement to take more climate action.
We press ahead: all eyes on ABP!
Meanwhile, ABP, the largest pension fund in the Netherlands, is still working with BlackRock. And that is quite questionable: how can a party that excludes fossil fuel companies itself strengthen the power of one of the largest investors in fossil fuels? It is time that ABP, the largest pension fund in the Netherlands, also allows our pension money to be managed by a partner that is committed to a fair and liveable future.
More than 5.000 people have signed our petition calling on ABP to break ties with BlackRock. Will you sign too?
Read more:
- Pension funds: Break with BlackRock
- PFZW breaks with BlackRock
- Why it’s so important that PFZW has cut ties with BlackRock