The fight against ESG cost Black Rock 2 billion
2022.12.01 09:26
The fight against ESG cost Black Rock 2 billion
Budrigannews.com – On Thursday, the Florida finance director announced that his department will withdraw assets in the amount of $ 2 billion owned by BlackRok Inc. NYSE: the largest such alienation is the state, which opposes the policy of asset management in the field of environmental protection, social management and corporate asset management ESG.
Although this move did not affect the reduction of BlackRok’s shares by $8 trillion, it shows the growing opposition to ESG investments, which many Republican politicians, including Florida, consider to be the promotion of a “new agenda”. Republicans are expected to enter the full House of Representatives in January.
They can hold ESG hearings, ask BlackRok and other large asset managers about their ESG policies, and also put pressure on regulators to examine them. Jimmi Patonis, Florida’s chief financial officer, said that his treasury department, which oversees him, will ask BlackRock to take over management of long-term investments of about $600 million and freeze a long-term security of $1.43 billion, which now belongs to Black Rock. The goal is to transfer funds to other management capitals in early 2023.
According to Patrice, BlackRok paid special attention to the environmental, social and managerial factor of ESG and not higher investor returns, but higher returns. According to the Patrionis office, “The Florida division of the government is abandoning BlackRock because they openly declare that they have no other goals than to make a profit.”
A Blackrock representative did not immediately respond. She stated that the company’s efforts are aimed at improving performance, and resisted calls for such steps, for example, abandoning the oil company, although she encouraged portfolio companies to disclose more information about carbon emissions, as well as add more different members to the board of directors.
The Democratic Party in the USA criticized BlackRok for not insisting enough on the problems of the ESG L4N30T3PB. Currently, only government Republicans have received significant redistributions from BlackRok, for example, the withdrawal of 794 million. dollars from the Treasury of Louisiana L4N3162LK and 500 million dollars from the Treasury of Missouri.
Recently, a general lawyer from different states appealed to the government controller with a request to restrict the work of Vanguard GAthering Inc due to problems with ESG, and also asked NYSE Corporation and FedEx Corporation to explain their approaches to tracking arms shipments.
