Spotlight on Macquarie: Opportunities to Embed Labour Rights in Investment Stewardship Practices
With a USD 146 billion portfolio invested in infrastructure and real estate around the world, Macquarie is the world’s largest infrastructure asset manager. It has an employment footprint of more 130,000 across its portfolio.
This report, which focuses on Macquarie’s real asset portfolio, analyzes how the manager’s Net Zero 2040 commitment for its investment portfolio will affect workers in power and petrochemical assets around the world. It calls for Macquarie to adopt a set of just transition principles. The report also reviews the asset managers’ overall stewardship framework and identifies a lack of cohesion in the firm’s global engagement and proxy voting activities.
The report was developed with the input of unions from around the world. This report was developed with the input of unions from around the world. Please note that the significant role that Macquarie plays in the privatization of public infrastructure is of concern to unions and communities around the world was beyond the scope of this report, which focuses on investment stewardship.
Report highlights:
- Despite its relatively larger portfolio of securities (equities, fixed income), Macquarie generates the majority of its investor client fees through its infrastructure and real assets.
- Macquarie has not accompanied its net zero 2040 pledge with a commitment to ensure a transition that is just and fair for workers impacted by the climate transition in its assets.
- Macquarie’s growing exposure to Australian commercial real estate represents an opportunity for the firm to join the Cleaning Accountability Framework, a union-backed, worker driven social responsibility initiative.
- Three Macquarie assets are under watch by trade unions in the UK, Spain and the USA for the implementation of a policy in which the firm commits to respect freedom of association and collective bargaining.
- Unlike BlackRock and SSGA, Macquarie outsources part of its proxy voting and does not disclose voting guidelines for all Macquarie branded and managed funds; this is problematic to hold companies accountable when adverse labour rights impacts occur.
The report is current up to June 2021.
Click below to download the report on Macquarie.
