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PFZW Drops €14.5 Billion BlackRock Mandate in Sustainability-Focused Overhaul

The Dutch fund cites misaligned sustainability voting in a move to a selective equity roster.

A trader works as a screen displays the trading information for BlackRock on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 14, 2022. REUTERS/Brendan McDermid/File Photo
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BlackRock has said many shareholders’ environmental and social proposals were overly prescriptive or lacked economic merit

Overview

  • PFZW confirmed it has terminated BlackRock’s roughly €14.5 billion listed‑equity mandate as part of a reconfiguration of its stock portfolio.
  • Under the new approach, the fund sold stakes in more than 2,600 companies and will hold positions in 756 firms, shifting away from broadly passive exposure.
  • Management of the listed‑equity portfolio has been reassigned to seven firms including Robeco, Schroders, UBS, Lazard, Man Numeric, Acadian and M&G, with PGGM involved.
  • PFZW and its manager PGGM pointed to BlackRock’s low support for shareholder sustainability resolutions and difficulties aligning proxy votes as key factors in the split.
  • BlackRock said it noted the redemption earlier in 2025 and continues to offer sustainable strategies; PFZW still uses BlackRock money market funds, and other Dutch schemes such as PME are reviewing mandates following activist pressure.