FOR IMMEDIATE RELEASE
JANUARY 30, 2024
NEW TV AD SLAMS VANGUARD FOR TAKING “MARCHING ORDERS” FROM THE LIKES OF MARJORIE TAYLOR-GREEN AND TED CRUZ
Ad Will Air Online and On CNBC in Chester County, PA – Where Vanguard’s Top Execs Live and Work
MALVERN, PA — A new television and digital ad is warning Vanguard’s customers and employees of the risk that climate change poses to their retirement futures – and criticizing Vanguard for taking “marching orders” from climate deniers like Ted Cruz and Marjorie Taylor-Greene instead of protecting clients’ portfolios from climate risk.
The ad will begin airing today (Tuesday, January 30, 2024) on CNBC on cable systems in Chester County, Pennsylvania – the home of Vanguard’s headquarters and where many of the company’s top executives and employees live. The ad will simultaneously run on streaming television platforms including Hulu and YouTube.
This new spot, entitled “Marching Orders” is part of a larger ad strategy aimed at Vanguard customers and Vanguard employees, from the Vanguard S.O.S. campaign. The purpose of the campaign is to shine a spotlight on Vanguard’s refusal to mitigate climate risk. Vanguard is the world’s largest investor in fossil fuels, with nearly $300 billion in exposure, including nearly $100 billion in coal alone.
Click here to watch MARCHING ORDERS.
The ad criticizes Vanguard for taking “marching orders” from climate denying politicians. Vanguard famously withdrew from the Net Zero Asset Managers amid right-wing political pressure. However, Vanguard’s acquiescence to right-wing politicians does not seem to have played off in the long run, as the company remains in the political crosshairs, and was recently subpoenaed by Republican Judiciary Chairman Jim Jordan.
Meanwhile, Vanguard’s own clients have demanded meaningful climate action, and even raised concerns about a breach of fiduciary duty.
Vanguard S.O.S. first launched in 2022 in order to push Vanguard away from climate catastrophe and toward sustainable investing. The campaign includes a network of civil society organizations, social movements, and financial experts.
Since the campaign’s launch, Vanguard has continued to lag behind even its slowest-moving industry peers, including BlackRock, State Street, and Fidelity.
About Vanguard S.O.S.
Vanguard S.O.S. is an international campaign pushing Vanguard to chart a new course away from climate catastrophe and toward truly sustainable and responsible investing. The network is made up of civil society organizations, social movements, and financial experts working together to secure a climate-safe future for everyone.
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Contact: TJ Helmstetter at tj.helmstetter@sunriseproject.org