How Vanguard Funds Harm And Fuels Extractive Industry
Pennsylvania based asset manager, Vanguard, is the world’s second largest asset manager, with over $8 trillion in assets under management. Vanguard is referred to as a “universal owner,” with ownership stake in over 10,000 corporations. The financial institution dominates market environments and consequently has the ability to set industry norms. Asset managers have largely ignored calls for divestment from extractive industries. Asset managers, like Vanguard, have failed to include a robust racial and environmental justice orientation in their business practices. In turn, they flood extractive industries with capital. Industries like the carceral and fossil fuel industries use those investments to extract from low-income and BIPOC communities.