March 21, 2019— Allianz Global Investors, one of the world’s leading active investment managers, announced today that its US Infrastructure Equity team has adopted a Responsible Contractor Policy (RCP) for investments in renewable energy projects in in partnership with North America’s Building Trades Unions (NABTU).
The policy promotes: fair wages, benefits and working conditions for those engaged in the investment projects.
AllianzGI’s Infrastructure Equity team (AllianzGI) will coordinate with NABTU to notify “responsible contractors” of competitive bidding on renewable energy projects and the selection of contractors. AllianzGI adopted the RCP at a time when the team is seeking wind, solar and geo-thermal investment opportunities in North America and Latin America.
“Throughout our investment process we look for high-impact opportunities,” said Armin Sandhoevel, Chief Investment Officer of AllianzGI’s Infrastructure Equity team. “We see investing in the production of green energy in the US as one way to accomplish that and supporting the local unionized workforce as another. Working with NABTU, we have developed a policy that fosters the inclusion of responsible contractors in the bidding and selection process for our U.S. investments. Level-setting the contract bidding process and increasing engagement with unionized workers is paramount to the production of successful high-impact initiatives for our infrastructure business.”
NABTU President Sean McGarvey commented: “NABTU is committed to advancing high-road standards in procurement practices through responsible contractor policies. Our partnership with AllianzGI will strengthen their investments in renewable energy infrastructure by prioritizing fair labor standards and the inclusion of our highly-skilled union construction workforce. This partnership creates equal opportunities for our members and contractors, while ensuring these high-impact infrastructure projects drive local economic growth in communities across the United States.”
Effective March 1, 2019, AllianzGI’s RCP provides the following for competitive bidding situations in which AllianzGI has sufficient control to appoint new contractors:Contracts will be awarded based on factors including: the bid amount, the contractor’s experience completing similar projects on time and on budget, the contractor’s record of health and occupational safety, being in compliance with relevant state and federal laws, identifying as a responsible contractor and whether the contractor (or its proposed subcontractors) engages union workers.
Allianz Global Investors is a leading active asset manager with over 730 investment professionals in 25 offices worldwide and managing $577 billion in assets for individuals, families and institutions.