Dear board members of pension fund ABP,
On 3 September, pension fund PFZW announced it will stop working with BlackRock as its external asset manager. With this letter we urge ABP to follow PFZW's lead and break with BlackRock too.
In 2021 ABP announced it would divest from fossil companies. However, ABP still lets BlackRock manage its assets, which is incompatible with ABP's fossil divestment commitment. Earlier this year you received letters from ABP members calling on you to end your partnership with BlackRock and to use asset managers who embrace sustainability in word and deed. These members wrote to you as they are worried about BlackRock's more than $400 billion investments in fossil companies, BlackRock dropping out of the Net Zero Asset Manager Alliance and BlackRock greenwashing grey companies in 'green' investment funds. In addition, BlackRock is increasingly voting against climate resolutions at shareholder meetings: in 2024 BlackRock supported only 20 of 493 proposed climate resolutions. BlackRock exacerbates the climate emergency. This results in unacceptable risks to life on earth. It also results in insurmountable risks to insurers, investors and pension fund members, as climate disasters increase in number and severity and fossil assets will become stranded assets in a world that will transition to renewable energy.
In your answer to your members letters, you state that you work towards a stable pension in a liveable world. BlackRock is not only pushing fossil expansion but also hindering the energy transition and climate policy in The Netherlands by their increasing share in Dutch companies. By continuing the partnership with BlackRock, ABP reinforces the influence and power of one of the largest investors in fossil companies in the world. This puts our planet as well as our pension assets at risk.
You write in your answer that you regularly evaluate your partnerships. We call on you to evaluate the partnership with BlackRock and follow PFZW's example by breaking with them and moving to sustainable partners. This would be fully in line with your commitment to break with fossil partners and invest responsibly, for a good pension in a liveable world. We are looking forward to your response.
Yours sincerely,
Scientists for Future Netherlands
