Randi Weingarten, the president of the American Federation of Teachers (AFT), has called for a boycott of BlackRock, the world's largest asset manager, which holds investments in companies that the union opposes. Weingarten announced the AFT's intention to "disengage" from BlackRock in a post on X, formerly Twitter, on Tuesday.
The union leader's call for a boycott stems from BlackRock's management of investments that include companies involved in fossil fuels and other sectors the AFT has targeted. "We have to have a voice, and we have to use our leverage," Weingarten stated, emphasizing the union's ownership of millions of shares across various funds managed by BlackRock.
This action highlights a growing trend of labor unions using their financial leverage to influence corporate behavior and investment practices. The AFT represents over 1.7 million members, and its collective investment through retirement funds represents significant financial power. The union aims to pressure BlackRock to align its investment strategies with the AFT's policy goals.