The UN agency responsible for promoting gender equality is being urged to pull out of a partnership with BlackRock, the world’s biggest investment fund manager, over the company’s “record of prioritising profits over human rights or environmental integrity”.
Hundreds of women’s organisations and activists have written to UN Women demanding it rescind the partnership.
The letter, sent on Tuesday to Sima Sami Bahous, UN Women’s executive director, and her two deputies, Åsa Regnér and Anita Bhatia, said the partnership “gives BlackRock a veneer of feminist approval that it clearly does not merit”.
While details of the collaboration have not been made public, BlackRock published a statement on its website in May saying it had signed “a memorandum of understanding” with the UN agency “agreeing to cooperate in promoting the growth of gender lens investing”.
BlackRock has faced pressure from environmental activists to improve its climate action policies, given its vast holdings in fossil fuel companies, and wide global reach.
The asset manager has investments in some of the world’s largest weapons sales companies, the letter said, noting that BlackRock is “consistently” ranked among the worst performers on corporate accountability by civil society watchdogs.
The letter, signed by almost 600 groups and individuals, said BlackRock also holds large amounts of debt in Zambia and Sri Lanka. It was among the private sector lenders that refused to delay debt interest payments to prevent Zambia’s finances from collapsing. The country has had to cut health and social care spending by a fifth in the past two years to balance its budget, cuts that have disproportionately affected women and marginalised groups.
Sanam Amin, a Bangladeshi academic and activist, said: “We want this agreement to be rescinded. This will not have a positive outcome for UN Women or the feminist organisations it is working with.”
She said BlackRock was using UN Women for bluewashing and pinkwashing purposes, and that it was “a fantasy” to imagine that “gender-impact investment can keep investment bankers rich and also save the world”.
“This is an illusion and relies on the labour and resources of marginalised communities in a gendered fashion, in the global south and across global supply chains.”
This is not the first time UN Women has been criticised for partnering with the private sector. In 2015, after pressure from women’s groups, the organisation backed out of a deal with Uber to encourage 1 million women to sign up as drivers.
Emilia Reyes, a feminist activist, said a lack of money was driving the UN into partnerships with the private sector. “We are calling for member states to fulfil their commitments on funding for UN departments as a whole,” she said. “In the search for extra funding, [UN bodies] are undermining their mandate and pushing conflicts of interest inside the UN.”
A spokesperson for UN Women said it “understands the concerns of its civil society partners”, which “merit consideration”. They said the partnership had been “put on hold”.
BlackRock said the money it managed belonged to its clients, many of whom made their own investment decisions. It added: “We highly value UN Women’s leadership in advancing women’s empowerment around the world and respect their decision to put the agreement on hold while they review their strategy for private sector partnerships.”
