New Jersey Public Worker Pension Fund Considers Dropping Nike Stocks over Colin Kaepernick Ad Campaign
The council overseeing New Jersey’s $77 billion public worker pension fund will study its investments with Nike at the urging of a member representing police and firefighters who is unhappy with the company’s new ad campaign featuring Colin Kaepernick.
Marty Barrett, a representative of retired police officers and firefighters, asked the council to consider divesting from its Nike holdings because of the ad.
Nike’s use of the sports figure, whose protests of police brutality during the National Anthem drew controversy, has triggered boycotts of the brand.
Barrett said Thursday that Kaepernick’s protest disrespects members of the military and first responders who were killed on 9/11.
Nike “made one of the worst business decisions of all time” in making Kaepernick the face of its ad campaign, Barrett said.
The State Investment Council voted unanimously to review its holdings, which a spokeswoman for the Treasury Department said include 311,500 equity shares valued at $26 million and 20 million principal valued at $18 million.