Excerpt:
Dutch pension fund PFZW has stopped investing in stock funds managed by BlackRock (BLK.N), opens new tab, in part because of concerns over the U.S. firm’s voting record on sustainability issues, its lead asset manager PGGM said on Wednesday.
The move comes amid a wider activist campaign in the Netherlands to push the country’s large pension schemes to drop managers that have reduced support for climate change-linked resolutions at company meetings.
While some companies have scaled back the importance they attach to sustainability since the re-election of U.S. President Donald Trump, many of the biggest Dutch pension funds still consider it the best long-term approach.
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In June, U.S. asset owner the Sierra Club Foundation said it would move $10.5 million in assets because BlackRock had not pressed portfolio companies enough on climate.
In response to the PFZW move, a BlackRock spokesperson said: “BlackRock clients – including our Dutch clients – continue to invest through BlackRock to meet their sustainable investing goals, entrusting us to manage over $1 trillion in sustainable and transition assets on their behalf.”
Author(s): Bart H. Meijer and Simon Jessop
Publication Date: 3 Sept 2025
Publication Site: Reuters