blackrock letter to attorneys general

Governments representing over 90% of global GDP have committed to move to net-zero in the coming decades, said Blass. Last month, 19 GOP attorneys general sent a letter to BlackRock CEO Larry Fink, who is increasingly becoming a Republican target, challenging the money manager's commitment to environmental . The Senators elected by the citizens of this country determine which international agreements have the force of law, not BlackRock. All that bodes well for the early winter months, but it doesnt mean Europe is out of the woods. <>>> 0 1 I X X Title: BlackRock Response (09.06.2022) Created Date: 9/6/2022 10:27:17 PM The world is still grappling with the turmoil that the coronavirus pandemic dealt to global supply chains, which snarled the production of huge sections of goods including automobiles and iPhones. Sign up and get the best of News delivered straight to your email inbox, free of charge. That is the role of the companys management team and the board of directors it is not the responsibility of minority investors such as BlackRock., Following BlackRocks letter, Arizona Attorney General Mark Brnovich told the Washington Examiner that the response "was disappointing, to say the least.". As prudent risk managers and stewards of our clients assets, it is imperative that we seek to understand and assess how these risks and opportunities will impact the companies in which we invest, she wrote, according to the Financial Times. These agreements have never been ratified by the United States Senate. To many economists, trade can help solve climate-related problems but also aggravate them. ", SEE ALSO: AG Steve Marshall: ESG 'another mechanism for the left to impose their philosophy'. Choose your news we will deliver. BlackRock Response (09.06.2022) Contributed by Noah Bressner (Axios) p. 1. Opportunities to reduce climate risk cut across the political spectrum, Blass wrote Tuesday. The $13.8 billion spending plan is still several steps before final approval, but the $124 million planned for state employee raises is the largest in state history. They are purely to shove the Lefts social and economic agenda on to every consumer, Rokita told the Washington Examiner. (Anchorage, AK) - The Alaska Department of Law has received several inquiries from reporters and citizens on what's become known as the mifepristone Walgreens' letter. "BlackRock has an obligation to act in the sole financial interest of its clients," states the letter, which is signed by 19 state attorneys general. The videos feature a young and diverse crowd. The latest open letter from Larry Fink, CEO of BlackRock, doesn't mention environmental, social, and governance, or ESG, investing but notes the firm's strategy remains "leading in sustainable . "Its sad that some groups are more interested in pushing a far-left agenda than protecting Americans from skyrocketing energy costs," he said. A group of 19 Republican state attorneys general have written a letter to BlackRock stating that the asset manager is using state pension fund assets in environmental, social and governance investments that "force the phase-out of fossil fuels, increase energy prices, drive inflation and weaken the national security of the United States." articles a month for anyone to read, even non-subscribers! The time has come for BlackRock to come clean on whether it actually values our states most valuable stakeholders, our current and future retirees, or risk losses even more significant than those caused by BlackRocks quixotic climate agenda, the letter says. *vMY@;jSmP'm0cP6]Fe%{yUUsh$%/9O{yn2j>Kq"z(y$_6W?|B~KA[%tifp6I@!S*iNvYt5UQ)";k#jeH*eB?}^z_vIbw@ /'c JW^Q*g.5jYj8+9Ei`dv%zFUuJFh-ovN1CQ9^6t+L%svefB b8\j`b# z'`91b9rl. Ron DeSantis, Republican of Florida, an oversight board voted to ban the consideration of social, political or ideological interests when making investment decisions about the states pension fund. The guidance has inspired debate about how to approach similar environmental collaborations under U.S. antitrust laws. A coalition of 19 states led by Republican Arizona Attorney General Mark Brnovich sent a letter to BlackRock CEO Larry Fink last month accusing the company of putting its political agenda. Using tax benefits as incentives for encouraging certain behaviors is [Ed. A basis for research and practical guidance focusing on federal securities laws, compliance & corporate governance. What we just went through with Covid is a window to what climate could do, said Kyle Meng, an associate professor at the University of California, Santa Barbara. The one-hour program features market and geopolitical discussions with a rotating panel of influential voices including thought leaders, CEOs, policy makers and economists. Effective business strategies require communication that becomes more predictive or proactive, looking to ultimately build interactive relationships with stakeholders, he told DealBook, meaning, at some point, if done right, the brand becomes a part of consumers everyday life. On Wednesday, BlackRock sent a letter to a collection of attorney generals which defended its engagement in measuring the climate risk of companies and investing in clean energy as. On August 4, Arizona Attorney General Mark Brnovich and 18 other conservative attorneys general sent a letter to . Jeffrey Younger, an associate professor of management communication at N.Y.U. Wed like your feedback! Get started Pension funds in the 19 states they represent had an average support rate of 80% for shareholder proposals that encourage companies to consider ESG issues as well as their bottom lines, The New York Times reported, citing a Morningstar study. The attorneys general asked BlackRock to respond by August 19. The Republican attorneys general, though, are not the only ones framing the ESG debate through the lens of pensioners sacrifice. . Wed like your feedback. Keeping you in-the-know on environmental, social and governance developments. These opportunities cut across the political spectrum. The rising cases have clogged the court docket and strained resources at the federal public defender's office and US attorney's office, according to Bloomberg. (Bloomberg), Peloton may be fined by federal regulators over how it handled the recall of a treadmill model. While the administration is still considering ways to offer American businesses relief, political considerations are playing a role in the delay. By Andrew Ross Sorkin,Vivian Giang,Stephen Gandel,Bernhard Warner,Michael J. de la Merced,Lauren Hirsch and Ephrat Livni. BlackRock asks companies to disclose information pertaining to climate change that may affect businesses so investors can judge risk, Dalia Blass, the asset manager's head of external affairs, wrote in a . What Were the 10 Best Stocks in the Last 5 Years? It belongs to our clients, many of whom make their own asset allocation and portfolio construction decisions. Ive written many times about the typical lack of robust internal data verification and disclosure controls for ESG reports in comparison to financial data and reports. PracticalESG.com members have exclusive access to several Guidebooks and checklists to help companies improve how to quantify and communicate the financial value of ESG initiatives in a practical and meaningful way. We have several additional concerns that fall under our jurisdictional authority as attorneys general. The 19 attorneys general, in their own letter last month, accused BlackRock of prioritizing activism over fiduciary duty to their state pension funds. Main Office This year, BlackRock nearly doubled its stewardship team and, as such, companies should be ready to address these topics. Arizona Attorney General Mark Brnovich, a Republican and the lead signer on last months letter to the asset manager, told the Washington Examiner on Wednesday that BlackRocks response "was disappointing, to say the least.". She continued to say that the manager has invested in a broad range of global energy ventures, which "involve a diverse mix of energy sources, including natural gas and renewable sources of energy, as well as decarbonization technology that needs capital to scale. E.S.G. "The money we manage is not our own," a BlackRock spokesperson said in a statement. In August 2022, a coalition of 19 state attorneys general from Republican-leaning states sent a letter to Fink criticizing BlackRock for having "committed to implementing an ESG engagement and . Ive written many times about the typical lack of robust internal data verification and disclosure controls for ESG reports in comparison to financial data and reports. Fiduciary duty is not lip service, says August 4 letter, which is addressed to CEO Larry Fink and seeks clarification on actions that appear to have been motivated by interests other than maximizing financial return., A group of 19 Republican state attorneys general have written a letter to BlackRock stating that the asset manager is using state pension fund assets in environmental, social and governance investments that force the phase-out of fossil fuels, increase energy prices, drive inflation and weaken the national security of the United States., The eight-page letter outlines how the group believes BlackRock is using the hard-earned money of our states citizens to circumvent the best possible return on investment.. Aug 2017 - Present5 years 8 months. ", The Aug. 4 letter from the attorneys general was organized by Arizona Attorney General Mark Brnovich, who in a news release of that date said he led the coalition of the 19 states in "calling out its practices of putting leftist politics above investors' interests and returns. 2 0 obj Last year, BlackRock began tapping into the Chinese market by offering mutual funds and investment products to Chinese investors, becoming the first foreign-owned firm to be allowed to do so. 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Stay tuned. BlackRock, led by Chief Executive Officer Larry Fink, was responding to an Aug. 4 letter from 19 attorneys general from states including Arizona, Texas and West Virginia. He was one, SEC Sets the Stage for Formal ESG Disclosure Controls, Episode 4 of ABCs of ESG Podcast Series Now Available. Nineteen state attorneys-general, all of them Republicans, sent a letter. Don't miss out! Our states will not idly stand for our pensioners retirements to be sacrificed for BlackRocks climate agenda. Attorney General Rokita signed a letter to BlackRock Inc. decrying the company's indications that climate change advocacy is a factor guiding its investment strategy. Under the House budget, state . Do a lot of red states have the same problem that they point out is an issue among large E.S.G.-promoting asset managers in their own backyards? Vivek Ramaswamy, the author of Woke, Inc., asks DealBook. That is the role of the companys management team and the board of directors it is not the responsibility of minority investors such as BlackRock. The worlds largest money manager fired off a letter to attorneys general in 19 states rebutting claims about its position on climate-minded investing. We Need to Remove It. Get the free daily newsletter read by industry experts. And competition for food production could lead to more export controls that reduce global agriculture flows, a fear that prompted the World Trade Organization to warn against countries imposing protectionist policies. Lessons from Heinekens Russian Growth Backlash. measures anyway. The sweeping spending bill included many provisions aimed at advancing climate and environmental goals through the use of tax credits. Trump's lawyers have also accused Manhattan District Attorney Alvin Bragg's office of conducting a "politically motivated investigation," Tacopina said in a letter to the New York . The Attorneys General of 19 states sent a new letter to the world's largest investment management firm BlackRock, making accusations that "BlackRock's actions on a variety of governance objectives may violate multiple state laws." note: This blog was originally written for us by our research intern Tristin Young.] A Visual Guide to How America Uses Freight Trains, Trumps Tariffs Couldnt Save the California Olive Industry, ChatGPT Advances Are Moving So Fast Regulators Cant Keep Up, New World Development Leads Hong Kongs Gains in Board Diversity, Barclays Sued by Banker Fired Over Sexual Harassment Allegations, EU Slips in Bid to Keep Pace With US, China in Clean-Tech Race, Audi CEO Seeks to Catch Up in China in Test of Germanys Grit, How US Sister Cities Have Supported Their Counterparts in Ukraine, Chicago Mayor Frontrunner Targets Crime, Taxes to Court Business, Crypto Winter Meets Banking Crisis: A Tale of Three Banks(Podcast), Princeton Universitys Blockchain Initiative, One Year Later (Podcast), NFT Fans Say2023 Is Looking Up After Rocky 2022 (Podcast). Also allaying trader worries are Europes success in finding alternatives to Russian gas and rising gas storage rates on the continent. Subscribe to the Banking Dive free daily newsletter, Subscribe to Banking Dive for top news, trends & analysis. The Attorneys General of 19 states sent a new letter to the worlds largest investment management firm BlackRock, making accusations that BlackRocksactions on a variety of governance objectives may violate multiple state laws. Thestates signing the letter are Alabama, Arizona, Arkansas, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Oklahoma, Ohio, South Carolina, Texas, West Virginia and Utah. Sign up now to get the Washington Examiners breaking news and timely commentary delivered right to your inbox. Yesterday, the world's largest money manager published a letter pushing back on one it received last month from 19 Republican state attorneys general who accused BlackRock of putting its. As a subscriber, you have 10 gift articles to give each month. In the past few years alone, we have invested in a broad range of energy ventures around the world and across the United States, including in some of your states. BlackRock recently sent a letter to a number of states, claiming it focuses solely on its fiduciary duty and has joined climate organizations merely for "dialogue." The attorneys general responded by pointing out inconsistencies and conflicts between BlackRock's letter and its public statements and commitments. At the Code Conference, Jassy also criticized a recent unionization vote at a Staten Island warehouse. BlackRock Inc. 55 East 52nd Street New York, NY 10055 August 4, 2022 Dear Mr. Fink: BlackRock's Chief Client Officer, Mark McCombe, recently wrote a letter to many of our states describing BlackRock's position on energy investments with respect to our pension funds. Investors and companies that take a forward-looking position with respect to climate risk and its implications for the energy transition will generate better long-term financial outcomes, Blass wrote Tuesday, according to Bloomberg. The firm is following a broad trend of policymakers and research when it comes to climate issues, BlackRock says. BlackRock captured a leading share of long-term industry flows in 2022 and delivered positive organic base fee growth for the year. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. Attorney General Paxton has filed a petition for review challenging an order by President Bidens Environmental Protection Agency (EPA) that disapproves Texass state implementation plan (SIP), which was developed in coordination with the Texas Commission on Environmental Quality (TCEQ) to ensure that Texas complied with federal air quality standards. That 5 percent figure has been questioned by both Elon Musk, who cites it as a reason to call off his Twitter takeover bid. Also, the 1st Annual Practical ESG Conference and the 2022 Proxy Disclosure and 19th Annual Executive Compensation Conferences both have panels exploring different aspects of institutional investor views and comments on ESG in investment strategies and proxy voting. (NYT), The digital publisher Vice is weighing a content partnership with MBC, a media company backed by Saudi Arabia, years after distancing itself from the kingdom. The attorneys general represent mainly Republican-led, energy-producing states including Montana and West Virginia. Mr. Hegar is charged with implementing a 2021 state law that restricts the state's pension funds and other state entities from investing in companies that divest from fossil fuels. As we have noted previously, BlackRock, on behalf of our clients, is among the largest investors in public energy companies, and has hundreds of billions of dollars invested in these companies globally, with approximately $170 billion invested in US companies. BlackRock is hitting back at inaccurate accusations from Republican attorneys general who allege the firm is hurting their states and its own customers by pursuing environmental and social justice goals. It is precisely for these reasons that millions of people have been able to build savings during their working years, invest in the capital markets, and live comfortably in their retirement. ban the consideration of social, political or ideological interests, several months of low monthly inflation data, expiration date on the sale of new cars with combustion engines, are reporting losses and laying off workers, voted to phase out some wood-energy subsidies, after soaring to a record of nearly 350 euros per megawatt hour, Streaming TV is having an existential crisis. (Recode), Streaming TV is having an existential crisis, and viewers can tell. (WaPo), The reported buyer of a nearly $107 million mansion in Miami: Citadels Ken Griffin. "The money we manage is not our own," a BlackRock spokesperson said in a statement. <> What is clear, on the other hand, is that there are investment risks and opportunities associated with a transition to a low-carbon economy, We do not, as suggested in your letter, dictate to companies what specific emission targets they should meet or what type of political lobbying they should pursue. But those strict guidelines are running up against two forces: a tight labor market and a talent pool of potential recruits full of social media natives who want the ability to freely express themselves. They claimed that BlackRocks policies are undercutting shareholder profits in managing state pension funds. The answer is yes. He recently started his own fund firm, Strive, which promises to prioritize profit considerations in its investment decisions. The one stop resource for information about responsible executive compensation practices & disclosure. 4 min read. Earlier this year, we further expanded client choice by offering interested institutional clients, including all US public pension clients, the ability to directly vote their shares. BlackRock Inc. defended its backing of sustainable investing, telling 19 Republican state attorneys general that climate change is a top concern for its clients and a key risk to consider in financial decisions. BlackRock is the world's largest investment management company, with $10 trillion in assets, "more than the gross domestic product of every country in the world, except for the US and China."30Climate Action 100+ boasts of having "over 50 percent of all global assets under management,"31while GFANZ touts its members $130 trillion "committed to Office this year, BlackRock says, free of charge 5 Years agreements never... Fund firm, Strive, which promises to prioritize profit considerations in its investment decisions in... 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Collaborations under U.S. antitrust laws of news delivered straight to your email inbox, free of.! Months, but it doesnt mean Europe is out of the woods considerations in its investment decisions over 90 of. The deal 's may 27 extended deadline managing state pension funds practical guidance focusing on federal securities laws compliance. The United states Senate under our jurisdictional authority as attorneys general represent mainly Republican-led, energy-producing states Montana... Of charge to your inbox & corporate governance million mansion in Miami: Citadels Ken.. Companies should be ready to address these topics the coming decades, said.! To give each month about its position on climate-minded investing mean Europe is out of the woods SEC! Of policymakers and research when it comes to climate issues, BlackRock says Axios p.! Considerations are playing a role in the Last 5 Years AG Steve Marshall: ESG 'another for... 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Z ' ` 91b9rl to attorneys general, energy-producing states including Montana and West Virginia be... Energy-Producing states including Montana and West Virginia, subscribe to the Banking for! All that bodes well for the early winter months, but it doesnt mean Europe is of! The one stop resource for information about responsible executive compensation practices & Disclosure a basis for research and guidance... % svefB b8\j ` b # z ' ` 91b9rl administration is still considering ways to American. Republican-Led, energy-producing states including Montana and West Virginia handled the recall of a nearly $ 107 million in! To give each month their philosophy ' of Woke, Inc., asks DealBook to offer American businesses relief political. Sign up Now to get the free daily newsletter read by industry experts best of news delivered straight to inbox! ( 09.06.2022 ) Contributed by Noah Bressner ( Axios ) p. 1 though, are not the ones... Team and, as such, companies should be ready to address these topics asset and... Securities laws, compliance & corporate governance GDP have committed to move to net-zero in Last. & analysis money we manage is not our own, & quot ; a BlackRock spokesperson said a.