🌎 Last week, over 20 global asset owner representatives – with a combined AUM of nearly USD 1.8 trillion – engaged collectively with BlackRock to articulate their expectations around the managers’ approach to labour rights stewardship. This was the 5th annual CWC-convened meeting with asset owner clients of BlackRock from North America, Europe, South Africa, and Australia – including representatives from CalPERS, London CIV, Cbus, and CCOO F.P. – whose actions seek to protect and enhance value for their beneficiaries.
📢 The asset owners acknowledged that despite the geopolitical environment and changes to its stewardship team, “company impacts on people” remains an engagement priority for BlackRock. However, the group voiced concerns around a narrow view of labour-related shareholder engagements as simply an exchange of information. If company engagements are not tied to specific objectives and outcomes, they risk becoming indefinite and inconsequential conversations, instead of critically assessing the success of programs that have been implemented by companies.
🎯 The group called on the world’s largest asset manager to explain how its company engagements evolve over time to deliver on its stewardship objectives and drive meaningful outcomes, particularly in relation to fundamental labour rights and the just transition.
The CWC’s Asset Manager Accountability Initiative aims to use the collective influence of asset owners to drive stewardship practices that protect workers and enhance long-term investor value.
BlackRock ResponsibleInvesting WorkersRights
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