Stop investing in companies tied to genocide
BlackRock should adopt a genocide-free investing policy to ensure that investments it makes are not tied to genocide.
Few of us want our personal savings connected to genocide. Even so, BlackRock, and other investment firms, invest their customers’ money in companies that help fund the ongoing genocide in Sudan. PetroChina and Sinopec, for example, not only support the government of Sudan, but also Syria, Burma and Iran. For years, BlackRock has been one of world's largest shareholders of PetroChina and Sinopec (aka China Petroleum).
BlackRock has opposed genocide-free investing, even though, as as a signatory to the UN Principles for Responsible Investment, BlackRock agreed to incorporate social issues such as human rights into investment decision-making processes and “better align investors with broader objectives of society.”
To their credit, BlackRock has decided to engage with Investors Against Genocide about the problem of investments tied to genocide. BlackRock is making substantial progress in integrating ESG factors into its business. BlackRock's heavy focus on index funds highlights the problem of standard indices including companies such as PetroChina and Sinopec. BlackRock has agreed to discuss ideas of index reform as a potential way to address problem investments. This work is underway.
Shareholders, customers (investors), and potential customers of BlackRock (and its iShares funds) can send a strong message to draw the line at genocide. Supporting the genocide-free investing campaign will strengthen our hand in discussions with BlackRock.