The Recreation Pension Fund serves employees of swimming pools, recreation centers, and outdoor sports facilities, including Duinrell, Walibi, and Center Parcs. This pension fund had roughly half of its investments managed by BlackRock, a powerful American asset manager.
A Powerful Giant
BlackRock is one of the largest investors in fossil fuel companies worldwide and profits from the genocide in Gaza. BlackRock is one of the largest shareholders in many companies and, as a result, wields enormous influence over both the stock prices of individual companies and the global economy. Moreover, the company consistently prioritises short-term profits over what matters to us all: a liveable climate, fair working conditions, and human rights.
By switching to a different asset manager, the Recreation pension fund is sending an important message. Powerful entities that backtrack on climate policy under pressure from Trump will lose European clients. It matters who you partner with as a pension fund – and whose power you strengthen.
Earlier, the pension funds PFZW and PME also parted ways with BlackRock. Internationally, too, our movement is gaining momentum: in New York City, BlackRock is even at risk of losing three major pension funds as clients. Other European pension funds such as People’s Pension in the UK have cut ties with the equally unscrupulous and powerful State Street
There’s a lot at stake
For BlackRock, there’s a lot at stake in the Netherlands. Pension giant bpfBOUW will soon be selecting a new asset manager. They say they stand for “the best possible pension in a liveable world” – so surely the outcome of their search process can’t possibly be a firm like BlackRock that’s on a collision course with our world?
Other pension funds also regularly evaluate their asset managers. More and more pension funds are beginning to set requirements for their asset managers. These steps aren’t coming out of thin air: pension plan members are pushing for it.