Wednesday, September 25, 2019

Don’t Think There’s A Conflict Of Interest Connection Between TfL And Uber.... Well, Think Again!


Meeting: 
MQT on 2017-06-22
Session date: 
June 22, 2017
Reference: 
2017/2320
Question By: 
David Kurten
Organisation: 
UKIP
Asked Of: 
The Mayor
Category: 

Question
How much of the TfL Pension Fund is currently managed by the US investment management corporation Blackrock and is this appropriate and ethical, given TfL's responsibility for ensuring compliance with taxi and private hire legislation and Blackrock's £500 million stake in the transportation network company Uber?

Answer

Answered By: 
The Mayor
Date: 
Tuesday, 27th June 2017
The TfL Pension Fund is governed by TfL Trustee Company Limited, which is a separate entity from TfL and is managed by its own board of directors known as trustees. The trustee directors have fiduciary responsibilities governing the way they are required to run the pension fund. 

The TfL Board, including the Mayor of London, has no direct control or decision making authority nor can it direct the activities of the TfL Pension Fund. This is a matter solely for the trustee directors.

The TfL Pension Fund has total assets in excess of £9.8 billion as at 31 March 2017, and has appointed, having taken expert advice from its own independent investment advisers, a total of 27 investment firms covering 35 individual investment mandates across all asset classes.

Blackrock Investment Management (UK) Limited (as at 31 March 2017) manage 5 individual mandates for the TfL Pension Fund, the total value of which as at 31 March 2017 was £4bn.





Image by Mirna Bourne

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