Blackstone’s Infrastructure Bus. Adopts Responsible Contractor Policy to Promote Fair Wages & Benefits for Workers on Infra...
September 05 2017 - 11:00AM
Business Wire
Blackstone (NYSE:BX) today announced that its dedicated
infrastructure business has adopted a Responsible Contractor Policy
that includes an agreement to cooperate with the North America’s
Building Trades Unions (“NABTU”) to include “responsible
contractors” in the bidding and selection process for its
investments. Through this policy, Blackstone will promote fair
benefits, wages, working conditions, and training opportunities for
construction workers on projects for Blackstone’s dedicated
infrastructure business.
In May, Blackstone announced the launch of its dedicated
infrastructure investment vehicle with an anchor $20 billion
commitment by the Public Investment Fund of Saudi Arabia.
Blackstone anticipates that, over time, the program will have $40
billion in total equity commitments in a permanent capital vehicle,
including $20 billion to be raised from other investors. Overall,
through the equity in this vehicle and additional debt financing,
Blackstone expects to invest in more than $100 billion
of infrastructure projects, principally in the United
States.
Sean Klimczak, Senior Managing Director and Global Head of
Blackstone’s Infrastructure business, said: “Rebuilding our
country’s aging infrastructure will create badly needed jobs with
good wages and benefits for construction workers throughout the
United States. At Blackstone, we have a strong track record of
responsible engagement with workers, their labor union
representatives, and the communities in which we invest. We are
proud to partner with the NABTU in this effort because we believe a
fairly compensated and well-trained workforce is critical to
producing high-quality infrastructure projects that help drive
local economic growth.”
Sean McGarvey, President of the NABTU, said: “We are proud to
partner with Blackstone on ensuring good jobs and pathways for
disadvantaged communities in the launch of their dedicated
infrastructure business. This agreement creates opportunities for
our members and contractors, while strengthening job training for
women, veterans and communities of color. As we mark Labor Day this
year, we are excited and proud to get down to the work of
rebuilding our country.”
Under this Responsible Contractor Policy, Blackstone’s
infrastructure business expresses its strong preference for the
selection of contractors in its projects that, among other things,
meet the following criteria:
- Operate in compliance with local,
state, and national laws related to labor, insurance, withholding
taxes, anti-discrimination, environment, occupational health and
safety, and the right of workers to join unions;
- Provide employer-paid training, which
may include apprenticeship programs and apprenticeship readiness
programs;
- Maintain and consistently implement a
workplace health and safety program, consistent with applicable
laws and industry best practices;
- Have a commitment to ethical conduct
and transparent reporting of incidents; and
- Have the requisite skill, experience,
and dependability (with respect to time and budget) that are
appropriate for the relevant project.
This release does not constitute an offer of any Blackstone
fund.
About Blackstone:
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with over $370 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Further information is
available at www.blackstone.com. Follow Blackstone on Twitter
@Blackstone.
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