Amazon is facing accusations of hypocrisy after it was revealed today that the retail titan’s pension scheme is at odds with its own corporate sustainability goals.
A study by US-based shareholder advocacy group As You Sow claims that, despite its pledge to become Net Zero by 2040, Amazon’s $8bn+ 401(k) plan invests in fossil fuels and commodities companies linked to deforestation.
As part of its new Corporate 401(k) Sustainability Scorecard, As You Sow assessed Amazon and telecom giant Comcast, claiming that more than half of the pair’s defined contribution pension assets are invested through Vanguard’s Target Retirement Funds’ default options. Other managers include BlackRock, Fidelity Investments and TIAA, it said.
“I’m sure when Jeff Bezos gazed down at planet Earth during his space junket and saw the Amazon Rainforest on fire, he did not say to himself, ‘I see that our 401(k) plan must be making terrific returns’,” said Andrew Behar,…