From TheCorporateCounsel.net:
First, as discussed in this NYT article, a group of conservative leaning senators sent a letter to Fed Chairman Powell voicing concerns that BlackRock might avoid funding energy and transportation companies due to BlackRock’s own climate-related investment policies. This was followed by a letter from senators on the other side of the aisle requesting the underlying investment guidelines provided to BlackRock for use in managing the Fed’s programs and warning about use of federal funds “to help sustain industries that may drive a future climate crisis.”
But, there were more arrows sent BlackRock’s way. Here’s a post from the Federalist about a letter sent to BlackRock’s CEO from representatives of several conservative-leaning organizations, asking BlackRock to reconsider its plan to operate under a stakeholder model rather than supporting a shareholder primacy model. The letter goes on by urging BlackRock to stand against “unnecessary and harmful ESG shareholder proposals.” Coming at it from the other side, as part of an Earth Day event held last week – organized by a group named “BlackRock’s Big Problem” – the event flyer asked participants to call BlackRock to request it follow through on its climate commitment that BlackRock’s CEO made in his letter earlier this year.
I'm not a fan of Blackrock's stakeholder sanctimony/hypocrisy or Larry Fink's blatant efforts to become the favorite money manager of Democrats everywhere, but I've found a very simple solution: I don't invest with Blackrock.
