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The founder of crypto exchange FTX manipulated ESG to convince investors that everything was above board before filing for bankruptcy, the investor says.
BlackRock is not making any major changes to its sustainable investing policies despite backlash from some Republican lawmakers.
In an annual update to its management policies, the world’s largest asset manager said it had only made “a few changes”.
https://www.foxbusiness.com/economy/putin-accuses-west-robbery-sanctions-national-speech-flagging-economy (Reuters/Reuters Photos)
One such change mentioned its support for better disclosure of companies exposed to nature-related risks and opportunities. The other policy was to encourage companies to publish sustainability performance reports with enough time for investors to properly assess their exposure.
“As a result, we do not anticipate material changes in our voting, and much of our engagement with businesses will continue the dialogue about material risks and opportunities we had in 2022,” the company said.
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“Over the past year, BlackRock has been the subject of campaigns suggesting that we are either ‘too progressive’ or ‘too conservative’ in the way we handle our clients’ money. We are neither the “neither. We are a fiduciary. We put the interests of our clients first. And provide the investment choices and performance they need. We won’t let these campaigns stop us from providing our clients with “BlackRock said in a statement to FOX Business.
“Customers continue to turn to BlackRock. In the United States alone, customers gave BlackRock $84 billion in long-term net inflows in the third quarter and $275 billion in the past twelve months.”
The annual update comes after a flurry of criticism from some Republican lawmakers over the company’s stance on environmental, social and governance, or ESG.
Earlier this month, Florida said it was pulling about $2 billion in assets from the company due to its ESG policies. BlackRock’s former sustainable investing czar Tariq Fancy, meanwhile, has called his former boss, BlackRock CEO Larry Fink, an “emperor without clothes” and called on him to quit.
NEW YORK, NY – JANUARY 16: A sign hangs at the offices of BlackRock on January 16, 2014 in New York City. (Andrew Burton/Getty Images/Getty Images)
“Larry Fink should stop dodging the fight and get into the [ESG] debate to clarify what he is saying. If he doesn’t, he should resign,” Fancy told the Telegraph.
The comments came just days after North Carolina State Treasurer Dale Fowell sent a letter to BlackRock’s board, also demanding that Fink step down as CEO of BlackRock.
Governor Greg Abbott tweeted Dec. 1 that “Texas was the first state to ban BlackRock from doing business with our state.”
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BlackRock controls approximately $8 trillion in assets, making it one of the strongest pro-ESG voices in the financial world.
Jeffrey Clark of FOX Business and Reuters contributed to this report.
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