The firm is committed to fair compensation and benefits for workers
NEW YORK–(BUSINESS WIRE)–BlackRock’s U.S. Real Assets platform, which manages $17 billion in real
estate and infrastructure assets in the United States, has adopted a
Responsible Contractor Policy (“RCP”), which will apply to assets and
companies in which funds managed by BlackRock Real Assets have a
controlling interest. Under the policy, BlackRock Real Assets will
support the selection of “responsible contactors” who deliver high
quality services and appropriately train and fairly compensate their
employees for construction, maintenance and operating services.
The Responsible Contractor Policy is a reflection of BlackRock Real
Assets’ support for a healthy and profitable business environment
governed by ethical industry practices. Incorporating the considerations
outlined in the policy can add value to clients’ investments by ensuring
that the services provided are high quality, on-schedule, and safe.
“The demand for infrastructure and real estate investments in the United
States presents a tremendous opportunity both for our clients and for
all of our partners,” said Jim Barry, Chief Investment Officer of
BlackRock Alternative Investors and Global Head of BlackRock Real
Assets. “Core to BlackRock Real Assets’ investment process is the
integration of ESG considerations, including sound governance practices,
which we believe are essential to building resilient portfolios for our
clients.”
North America’s Building Trade Unions gave BlackRock Real Assets an “A”
rating in a recent report card assessment, which assessed how well fund
managers connect pension fund investments to projects that create union
jobs.1 BlackRock Real Assets received high grades across all
categories, including policy enforcement, union work hours,
communication with labor, and support of third party neutrality in the
event of union organizing campaigns.
“We are immensely pleased to partner with BlackRock to promote fair
wages and benefits for workers on infrastructure projects. As we strive
for more work opportunities, better wages and ladders of opportunities
for our members and communities, this partnership advances the
pro-investment and pro-worker collaboration needed to transform the
industry for the future,” said Sean McGarvey, President of NABTU.
“Reflecting their leading position in the industry, BlackRock’s
Responsible Contractor Policy is among the strongest and most
comprehensive in the investment management industry.”
Under applicable circumstances, this policy will subject BlackRock Real
Assets to the following guidelines in its selection of independent
contractors:
-
A bidding process that is competitive and is inclusive of firms who
meet standards for “responsible contractors”; -
Independent contractors must provide a Responsible Contractor
Self-Certification Form; -
BlackRock Real Assets or operating company managers will use
commercially reasonable efforts to exclude debarred contractors; -
BlackRock Real Assets will support a position of neutrality in the
event of a campaign to organize workers.
BlackRock believes that business-relevant environmental, social and
governance factors can contribute to a company’s long-term financial
performance, and that integrating these factors into the investment
process can enhance long-term risk adjusted returns for its clients.
About BlackRock Real Assets
In today’s dynamic and complex global investing market, we seek to help
our clients’ access real assets that could help meet their investment
goals by providing a distinct range of well defined, outcome orientated
strategies, along the investment risk – return spectrum.
Our dedicated teams of industry and sector specialists deliver global
reach, with deep local expertise. They have decades of relevant
experience, are deeply embedded in their operating industries by sector
and geography and have developed strong partnership networks over time.
BlackRock’s culture of risk management, knowledge sharing and investment
discipline sets us apart and underpins all that we do. With over 380
professionals in 27 offices managing over US $50 billion in client
commitments as of March 31, 2019, BlackRock Real Assets partners with
clients to provide solutions tailored to individual portfolio needs such
as income, growth, liquid or balanced real assets outcomes.
About BlackRock
BlackRock helps investors build better financial futures. As a fiduciary
to investors and a leading provider of financial technology, our clients
turn to us for the solutions they need when planning for their most
important goals. As of March 31, 2019, the firm managed approximately
$6.52 trillion in assets on behalf of investors worldwide. For
additional information on BlackRock, please visit www.blackrock.com |
Twitter: @blackrock |
Blog: www.blackrockblog.com |
LinkedIn: www.linkedin.com/company/blackrock.
About North America’s Building Trades Unions
North America’s Building Trades Unions (NABTU) are an alliance of 14
national and international unions in the building and construction
industry that collectively represent over 3 million skilled craft
professionals in the United States and Canada. NABTU members participate
in multi-employer pension funds with over $600 billion in assets. Each
year, these unions and signatory contractor partners invest over $1
billion of private sector money in apprenticeship training and education
to produce the safest, most highly trained, and productive skilled craft
workers in the world. NABTU are dedicated to creating economic security
and employment opportunities for their construction workers by
safeguarding wage and benefits standards, promoting responsible private
capital investments, investing in renown apprenticeship and training,
and creating pathways to the middle class for women, communities of
color and military veterans in the construction industry.
1 NABTU, which created and conducted the survey, is not a
BlackRock client. BlackRock did not make any payment or other
compensation to participate in the survey. The survey was sent to the
top 100 real estate firms by equity. The report assessed respondents
based on five categories, including the overall strength of a firm’s
Responsible Contractor Policy, examples of policy enforcement, how firms
track work hours for unionized labor, their project notification process
and on their support of third party neutrality in the event of an
unionization effort. The report card rating is not indicative of future
performance by the firm or any investments it manages, and may not be
representative of any one client’s experience.
Contacts
Media
Curtis Chou
(646) 231-1031
[email protected]
