What is your response to the “Blackstone” issues? We’ve recently been approached by active MOSERS associates who received an email from the Hotel Employees and Restaurant Employees International Union (UNITE-HERE). At issue can be an escalating labor dispute taking place between Hilton Hotels Worldwide presently, a ongoing company in which Blackstone is the owner of a controlling interest, and UNITE-HERE union associates. Negotiations between the union and Hilton have been taking place for greater than a yr in a variety of locations.
The email from UNITE-HERE that was delivered to Missouri condition employees included a web link for producing an e-mail form notice to MOSERS’ questioning the system’s relationship with Blackstone. Blackstone is a large investment company that has both traded stock and private investment relationships publicly. MOSERS will not own any of Blackstone’s traded stock publicly; we are, however, among the many investors in some of Blackstone’s private real estate funds. MOSERS has invested in Blackstone Real Estate Funds for their history of producing strong investment profits because of their limited partners.
Hilton is one of many real estate purchases Blackstone has made on behalf of their limited partners over time. Blackstone’s real estate funds have regularly outperformed the stock markets and are an important diversifier in the MOSERS profile. What is of paramount importance to MOSERS is the security of your retirement benefits. Strong investment results and sound business methods are critical elements in achieving this security.
It has been our experience, since first partnering with Blackstone in 2002, that they possess both of the critical elements for a successful long-term relationship. Agreement negotiations are easy never, yet eventually it is our expectation that a bargain will be reached and all parties included will be well offered. Some of our users have asked us how UNITE-HERE acquired their email addresses and exactly how UNITE-HERE is even aware they are associates of MOSERS. At this point, we have no idea. MOSERS did not provide member names or email addresses or any other contact information to UNITE-HERE. We requested Blackstone’s perspective on the problems which were raised as concerns in the e-mail message MOSERS’ members received from UNITE-HERE. Those concerns and Blackstone’s response can here be found.
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And we should plan more holistically to deliver the impacts we desire to provide. A few of that is approximately money, some of it isn’t. TRANSPARENCY: Transparency is not the target, relevant transparency is the goal. Everyone discussions transparency, everyone thinks that transparency is the goal. Everyone thinks that if they cram as much information as you can into a sustainability record or a website, that they can enhance their reputation. Well, which may be.
But in this world of overload, and with the increasing difficulty of business, we don’t need or wish to know EVERYTHING. We want to know the most crucial things. How are those ideas defined and by whom? It’s not easy. A materiality process can be designed to deliver the full total results you want to attain.