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Tags: nike | state | pensions | stock | boycott

As Nike Boycott Erupts, State Pensions May Be Pushed to Dump Stock

As Nike Boycott Erupts, State Pensions May Be Pushed to Dump Stock

© Alexey Novikov| Dreamstime.com

Wednesday, 05 September 2018 08:04 AM EDT

Calls to boycott Nike Inc. products are already making the rounds, now that it’s using quarterback Colin Kaepernick in new ads. Will calls for state pension plans to divest its stock be next?

Five large state pension plans that manage retirement savings of law enforcement workers, as well as other public employees, own more than $400 million of Nike stock all told, based on each fund’s latest filing and Tuesday’s closing price.

To be sure, that represents well under 1 percent of Nike’s market value.

The National Association of Police Organizations has already issued a statement calling for a boycott of Nike products. A spokeswoman said the boycott also applies to the company’s stock but that any response is up to member organizations. Police have been critical of Kaepernick after he started kneeling for the national anthem to protest racism and police brutality in the U.S.

© Copyright 2022 Bloomberg News. All rights reserved.


StreetTalk
Calls to boycott Nike Inc. products are already making the rounds, now that it's using quarterback Colin Kaepernick in new ads. Will calls for state pension plans to divest its stock be next?
nike, state, pensions, stock, boycott
146
2018-04-05
Wednesday, 05 September 2018 08:04 AM
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