BlackRock’s U.S. Real Assets Platform Adopts Responsible Contractor Policy
June 13 2019 - 9:05AM
Business Wire
The firm is committed to fair compensation
and benefits for workers
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.
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MediaCurtis Chou(646)
231-1031curtis.chou@blackrock.com
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