U.N. Women, a United Nations entity, has ended a partnership with BlackRock just three months after it was formed, citing "concerns raised by civil society."
"U.N. Women Executive Director has taken the decision to end the knowledge exchange partnership with BlackRock," a spokesperson for the New York-based group said by email on Friday. "Going forward, we will conduct a systematic review and assessment of our partnerships, which will inform our new private sector engagement strategy."
BlackRock announced in May that it had signed a memorandum of understanding with U.N. Women, which describes itself as a global champion for gender equality. The goal back then was to cooperate "in promoting the growth of gender lens investing," and mobilize capital for companies that address women's needs in areas such as education and childcare.
BlackRock has stepped up efforts to bolster its gender diversity credentials, and in July launched new investment products tailored for women. But the collaboration with U.N. Women drew criticism from a number of feminist organizations who spelled out their concerns in an open letter and called for the partnership to be terminated. They cited, among other things, BlackRock's record in the financing of fossil fuels.
"BlackRock remains committed to developing gender lens investment strategies designed to allow our clients to achieve their financial objectives by investing their capital in support of gender equality," a spokesperson said by email. "We continue to engage with a range of interested stakeholders to help grow this nascent field."
