Vanguard manages over $7 trillion. How will moving our relatively small amounts ever make a difference?
EQAT sees our money moving strategy as just the tip of the iceberg. We know there are Catholics, Jews, Muslims, Unitarians, and many other people of faith – not to mention grandparents, doctors, union members, and lots of other constituencies – who recognize that climate change is killing people now. We are embarking on this strategy, trusting that we will not be alone in telling Vanguard that we’ve had enough of business as usual.
People moving money collectively and publicly is impactful because it damages Vanguard’s carefully crafted brand. Vanguard’s PR team has portrayed it as a company that cares about the little guy, but Vanguard leaders refuse to use their immense proxy voting power to confront big guys like Exxon and Chevron, which are threatening us all. Vanguard claims to put its customers first, but by its own admission, climate change presents a material risk to the whole economy and therefore to its own customers, especially its younger customers. When young people – who generally care about avoiding climate catastrophe – pledge to never work for Vanguard or put their savings in Vanguard, that threatens the company’s future business. This, combined with publicizing why we are moving money and continuing to take bold action, will add up to a level of pressure that no one tactic would create alone.
Showing 1 reaction
Be the first to comment
Sign in withFacebook Twitter