Climate change is expected to cause a significant blow to Vanguard customers’ savings
Malvern, PA – This morning, members of Earth Quaker Action Team (EQAT) arrived at the executive office building on Vanguard’s main campus to seek a meeting with Vanguard CEO Salim Ramji, who until now has refused to meet with representatives of the international Vanguard S.O.S. campaign. In the past few months, thousands of people have contacted Vanguard, asking that company leadership meet with climate campaigners, adopt a comprehensive Indigenous rights policy for Vanguard investments, and create a fossil fuel-free target date fund.
When asked again for a meeting today, Vanguard had the group arrested by local police. Five people, whose ages range from 22 to 72, were taken into custody by the Tredyffrin Township Police Department, transferred to the Chester County prison, and released about 7 hours later.
Then, this afternoon, dozens more former Vanguard customers, people of faith, and students gathered on Vanguard’s campus for a rally that highlighted the same three requests. Participants sang, held Quaker-style silent meeting for worship, and wrote emails to CEO Ramji from their smartphones. Vanguard invests a staggering $444 billion of its customers’ money in coal, oil, and gas – with $184 billion of that just in fossil fuel expansion.
Brett Heinz, Global Policy Coordinator for Economic and Climate Justice at American Friends Service Committee, told the crowd, “Vanguard’s actions pour gas on the flames of the climate crisis, and they must bring an end to the financing of big polluters which endanger our environment and human well-being.”
Participants also heard remarks from Zulene Mayfield, Chairperson of Chester Residents Concerned for Quality Living, which has been fighting pollution caused by Vanguard portfolio companies in Chester and neighboring cities. “Every day this community suffers from the violence of polluters nearby. We have to give our children a chance. How can you excel when you can’t breathe?” wrote Ms. Mayfield.
In the past few months, about 3,000 people have emailed Vanguard CEO Salim Ramji and some have also called Vanguard executives and board members reiterating the requests for a meeting, an Indigenous rights policy, and the creation of a fossil fuel-free fund. In June, a group of former Vanguard customers, concerned citizens, and people of faith went to Vanguard headquarters in Malvern to deliver a letter with the three requests to Vanguard CEO Ramji. Others hand delivered letters to the homes of Ramji and Vanguard President and CIO Greg Davis. In July, another group hung large banners calling out Vanguard’s investments in fossil fuels over Route 202 near Vanguard’s campus.
This is part of a multi-year, international campaign called Vanguard S.O.S., which is urging Vanguard to invest for a safe and healthy future. The Vanguard S.O.S. campaign formed as an alliance of local, national, and international groups concerned about the impact of Vanguard’s investment decisions in driving climate change.
For several years, Vanguard’s own clients have demanded it take action on climate change, pointing out that Vanguard’s investments exacerbating climate change are a breach of fiduciary duty. Vanguard’s investments stand to lose at least $3 trillion by 2050 if it fails to act on the climate crisis, according to Danu Insight. Swiss Re, one of the world’s leading re-insurance companies, has calculated the world as a whole stands to lose close to 10% of total economic value by mid-century if climate change stays on the currently-anticipated trajectory.
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