March 17, 2023. (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. 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.". "Given our commitment to those saving for retirement, we are disturbed by the emerging trend of political initiatives that sacrifice pension plans' access to high-quality investments and thereby jeopardize pensioners' financial returns," Ms. Blass said. Well see you tomorrow. All that bodes well for the early winter months, but it doesnt mean Europe is out of the woods. 19 GOP Attorneys General Slam BlackRock Over ESG Investments, Governor Moves to Bar Florida SBA From ESG Investing, Bill Seeks to Protect Retirement Savings From Woke CEOs, The Exxon Vote: Pension Supporters Stay Onboard to Advance Change, Environmental Social and Corporate Governance. Alabama Attorney General Steve Marshall was one of the names on the letter. Want to share a company announcement with your peers? (Bloomberg), Kim Kardashian is adding private equity firm founder to her rsum. In this episode, I sit down with Meredith Ervine, Editor of TheCorporateCounsel.net. This includes proposals that are unduly prescriptive and constraining on the decision-making of the board or management or address matters that are not material to how a company delivers long-term shareholder value, Your letter implies BlackRock has full discretion over where and how public pension fund investments and votes are directed. The guidance has inspired debate about how to approach similar environmental collaborations under U.S. antitrust laws. We have to have an effective long-term transition.. BlackRock and the other nine financial institutions on Texas divestment list have roughly 75 more days to convince the state to reconsider. 2019 Legislative Session Update for Victims and Service Providers, 2021 Legislative Session Open Government Update. A top Fed official signals more rate hikes are coming. Cineworld, the movie theater chain, filed for bankruptcy in a bid to reduce its $8.9 billion debt load. The response also claimed that BlackRock has invested "hundreds of billions of dollars" in energy companies. Not yet. Why Have Stocks and Bonds Been Correlated Lately? The asset manager voted in favor of 24% of shareholder proposals on environmental and social issues this year, saying the measures had become too prescriptive. 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. Using tax benefits as incentives for encouraging certain behaviors is [Ed. Main Office 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. A recent study from the fund research firm Morningstar found that pension funds in those states had an average support rate of 80 percent for shareholders proposals that encourage companies to consider environmental, social and governance issues as well as their bottom lines. BlackRock wants to clear the air on woke investing. (WSJ), A Texas judge ruled that parts of the Affordable Care Act centered on preventive care were unconstitutional; the Biden administration is expected to appeal. This year, BlackRock nearly doubled its stewardship team and, as such, companies should be ready to address these topics. Keep up with the story. Far from boycotting, BlackRock says it has invested hundreds of billions of dollars in energy companies. note: This blog was originally written for us by our research intern Tristin Young.] Your letter makes several inaccurate statements about BlackRocks motive for participating in various ESG-related initiatives, BlackRock writes in the letter, which is signed by the firms head of external affairs, Dalia Blass. The attorneys general asked BlackRock to respond by August 19. Italy is at 84 percent, and France is at 93.5 percent. For now, the finance industrys most junior employees are the ones who are winning on TikTok. Building factories elsewhere could be costly for both companies and consumers. Jeffrey Younger, an associate professor of management communication at N.Y.U. Wall Street firms have long believed in the need to portray and protect a strong and consistent image, and that aim generally extends to their social media policies. A key reason behind the recent price volatility is that traders just dont know what to make of this market, Fabian Skarboe Ronningen, a senior analyst at Rystad Energy, told DealBook. DAVID N. DINKINS MUNICIPAL BUILDING 1 CENTRE STREET, 5TH Floor NEW YORK, NY 10007 PHONE: (212) 6693500 @NYCCOMPTROLLER 2 We cannot achieve that goal without the active alignment of our asset managers, beginning with BlackRock, as our largest manager. 4. Tensions between BlackRock and Texas in particular came to a head last month when the state accused BlackRock of boycotting energy companies, violating a 2021 law that aims to protect the energy industry from the growing popularity of climate-minded investing. Last month, shortly after Texas comptroller Glenn Hegar publicly accused BlackRock of "boycotting" energy companies, 19 Republican state attorneys-general sent a letter to the asset manager . At the Code Conference, Jassy also criticized a recent unionization vote at a Staten Island warehouse. 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. The disclosures BlackRock asks of companies, she added, are focused on enhancing transparency and entirely consistent with a duty to maximize investor returns. Yesterday, the worlds 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 climate agenda ahead of clients, collaborating with climate activists and boycotting energy companies. ministers will hold a meeting on that tomorrow trading could be subdued, he said. The attorneys general represent mainly Republican-led, energy-producing states including Montana and West Virginia. 130 E. Randolph St. Also allaying trader worries are Europes success in finding alternatives to Russian gas and rising gas storage rates on the continent. If they are down to 10 to 20 percent storage levels, that will make things difficult to get through the spring.. Lessons from Heinekens Russian Growth Backlash. BlackRock captured a leading share of long-term industry flows in 2022 and delivered positive organic base fee growth for the year. In what sounds like a change of tune, Fink recognized the role of oil and gas in the energy transition, stating that "Different countries and . In addition to Paxton of Texas, signatories include attorneys general from Arizona, Nebraska, Alabama, Arkansas, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Ohio, Oklahoma, South Carolina, Utah and West Virginia.Related Stories: Governor Moves to Bar Florida SBA From ESG InvestingBill Seeks to Protect Retirement Savings From Woke CEOsThe Exxon Vote: Pension Supporters Stay Onboard to Advance Change, Tags: BlackRock, Environmental Social and Corporate Governance, ESG, Ken Paxton, Larry Fink. In addition, the research arm of his company also encouraged investors to triple their exposure to Chinese assets. An educational service that provides practical guidance on legal issues involving public and private mergers & acquisitions, joint ventures, private equity and much more. The Need for Speed in Trend-Following Strategies, Global Fixed Income: Volatility and Uncertainty Here to Stay, Morningstar Indexes' Annual ESG Risk/Return Analysis, 2023 Outlook: The Top Five Trends to Monitor in the Year Ahead, Show Me the Income: Discovering plan sponsor and participant preferences for cr, The Future of Infrastructure: Building a Better Tomorrow, For institutional investors, ETFs can make meeting liquidity needs easier, Gold: the most effective commodity investment, 2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios, Ten ways retirement plan professionals add value to plan sponsors. "Its sad that some groups are more interested in pushing a far-left agenda than protecting Americans from skyrocketing energy costs," he said. Heineken, the Dutch beer company, has faced unwanted attention over the last several months due to their on-going operations in Russia, and things do not Lawrence Heim has been practicing in the field of ESG management for more than 35 years. You wont want to miss those, so register today! New research backs Twitters claim on bots. Fight, https://www.nytimes.com/2022/09/08/business/dealbook/blackrock-texas-defend-reputation-esg-fight.html. These goals often pertain to environmental sustainability but also to advocacy for specific social movements and commitment to "diversity, equity and inclusion" (DE&I). Lessons from Heinekens Russian Growth Backlash. endobj (New York Post), Executives of Bed Bath & Beyond were reportedly worried about, Gustavo Arnal, then the retailers C.F.O., in the weeks before he died by suicide. articles a month for anyone to read, even non-subscribers! Texas Attorney General Ken Paxton, in a statement about the letter, said ESG goals, while ostensibly well-intentioned, make little economic sense, and have a direct adverse effect on Texass oil and gas economy and state pension fund performance. Given our commitment to those saving for retirement, we are disturbed by the emerging trend of political initiatives that sacrifice pension plans access to high-quality investments and thereby jeopardize pensioners financial returns, Blass wrote Tuesday, according to Bloomberg. BlackRock, in a statement, said that it manages money on behalf of its clients and helps them navigate investment risks. (WSJ), When Amazon Prime two-day shipping takes, well, longer than two days. E. WALNUT lA 50319ST. We have several additional concerns that fall under our jurisdictional authority as attorneys general. 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. Attorney General Merrick Garland called it "one of the largest, most complex, and most resource-intensive investigations in our history" in a Jan 4., 2023 statement marking 24 . Sign up now to get the Washington Examiners breaking news and timely commentary delivered right to your inbox. Mr. As a result, BlackRock could be blackballed from managing the billions in retirement funds of Texas government employees. These antitrust concerns are especially acute because BlackRock and other asset managers affirmatively tout their market dominance.. The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. "Its sad that some groups are more interested in pushing a far-left agenda than protecting Americans from skyrocketing energy costs," he said. Quite the opposite: our votes are cast with a view to achieving the best long-term value for those companies and their shareholders.. The stated reasons for your actions around promoting net zero, the Paris Agreement, or taking action on climate change indicate rampant violations of this duty, otherwise known as acting with mixed motives, the letter states. The following is an effort to provide clarity on what Alaska law is, what ongoing legal challenges to it there are, and why the Attorney General sent the . They claimed that BlackRocks policies are undercutting shareholder profits in managing state pension funds. That is not the case. These opportunities cut across the political spectrum. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. BlackRock, which has $10 trillion in assets under management, is a global leader in advancing the ESG agenda. 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. 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. Jackie Nov, BlackRocks global head of social media, told DealBook that BlackRock featured employees from all over the firm and that its engagement on TikTok was geared toward promoting financial well-being. That said, BlackRock has yet to produce a viral hit on TikTok. . To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. ", SEE ALSO: AG Steve Marshall: ESG 'another mechanism for the left to impose their philosophy'. It has become a target because chief executive Larry Fink has been outspoken about the need to address global warming. Larry Fink's annual letter to BlackRock investors was about getting back to basics. BlackRocks tussle with state officials comes at a time when corporate social policies are becoming a campaign issue. An educational service that provides practical guidance on legal issues involving public and private mergers & acquisitions, joint ventures, private equity and much more. BlackRock asks companies to disclose information pertaining to climate change that may affect businesses so investors can judge risk, Dalia Blass, the asset managers head of external affairs, wrote in a letter dated 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. (WSJ). Some states work with BlackRock for retirement plans, pension funds, and investments, but the company seems to be more interested in environmental, social, and . Capturing Carbon Isn't Enough. These opportunities cut across the political spectrum., RED STATES PUSH BACK ON CORPORATE ANTI-FOSSIL FUEL INITIATIVES. BlackRock's senior managing director Dalia Blass released a response to the attorneys general on Tuesday saying that the asset manager, which manages roughly $8.5 trillion worth of investments, never forced firms to adhere to specific emissions targets and does not coordinate its investment decisions or shareholder voting with climate activist Since ESG reporting is voluntary in the U.S. at the moment, there is an Ourfourth installment of our 10-part podcast series ABCs of ESG is now live on our website. 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 . Topics include: Commercial banking, payments, technology, risk, regulations, policy, Topics covered: bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. Bob Iger, a former C.E.O. BlackRock, the world's largest asset manager, is coming under scrutiny from a group of state attorneys general over its aggressive push on so-called ESG investments that promote. 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 . The letter claimed BlackRock has committed to leveraging its large asset holdings to accelerate net zero emissions against client wishes and boycotted energy companies. Your Child Support And The Federal Stimulus Payment, How to Request an Attorney General Opinion, Paxton Urges Biden Administration to Abandon Efforts to Impose Onerous Environmental Requirements on Federal Contractors, Paxton Sues Biden Administration to Prevent it from Blocking Texass Management of its Own Environment, Paxton Urges Court to Issue Preliminary Injunction Against Bidens Unlawful, AG Paxton Demands BlackRock Account for its Underperforming, Potentially Illegal 'ESG' State Pension Fund Investments. The videos feature a young and diverse crowd. The Senators elected by the citizens of this country determine which international agreements have the force of law, not BlackRock. Such a significant investment in, and cooperation with, energy industry companies, ranging from international corporations to entities dedicated to serving local communities in your states, is completely at odds with any notion of a boycott. In response, Dalia Blass, BlackRocks head of external affairs, said in a letter to the group of attorneys general that climate change is becoming a major risk and that investors and clients want to be apprised of the risks in order to achieve better returns. We believe 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. Ms. Blass pointed out that much of the world has already made commitments to net-zero. PHOENIX - Arizona Attorney General Mark Brnovich organized and is leading a coalition of 19 states that sent a letter to BlackRock Inc., calling out its practices of putting leftist politics above investors' interests and returns. We are so interconnected from our supply chains that events on one side of the world can dramatically impact peoples well-being elsewhere, Solomon Hsiang, a professor of public policy at the University of California, Berkeley, told The Times. 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. natural gas traded below 200 euros per megawatt hour, after soaring to a record of nearly 350 euros per megawatt hour last month as uncertainties over the flow of Russian gas to Europe jolted the markets. This year, Fink used his annual letter to CEOs to defend BlackRock from accusations that it is woke. He said that the elevation of stakeholder capitalism, which deviates from the traditional shareholder capitalism model that purely emphasizes returns, is an improvement on traditional business models. 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. Wed like your feedback! They are purely to shove the Lefts social and economic agenda on to every consumer, Rokita told the Washington Examiner. (Bloomberg), Peloton may be fined by federal regulators over how it handled the recall of a treadmill model. In its letter, BlackRock says that the firm has never dictated specific emission targets to any company, and that it doesnt coordinate its investment decisions or shareholder votes with others on climate issues, as the attorneys general claimed. The CCRcorp Network unlocks access to a world of insights, research, guides and information in a range of specialty areas. The world's largest money manager released the letter Wednesday from Dalia Blass, senior managing director, head of external affairs, addressed to the 19 Republican attorneys general who had signed an Aug. 4 letter to CEO Laurence D. Fink accusing BlackRock of using "the hard-earned money of our states' citizens to circumvent the best possible return on investment" in its position on energy investments. BlackRock said in its response letter that the attorneys general misunderstand BlackRock's ESG policies, noting that they ask companies to provide disclosures on material issues that. The Kansas Court of Appeals ruled Friday that voting is a fundamental right and that restrictions on it must clear the highest possible bar, in an opinion . 685 Third Avenue What Happens if US Debt Defaults? The statement comes in response to a letter issued by 19 attorneys general on August 4 criticizing the large multi-national company for its use of environmental social governance (ESG) scores in its investment strategy. Investment company BlackRock responded to the attorney generals of some conservative states on Wednesday, defending its stance on ESG investing. It appears left-leaning organizations may be increasingly frustrated with BlackRock, too. Its videos tend to be more about financial education and less about giving a picture of what its like to work at the firm. In their letter, the attorneys general outline their belief that BlackRocks claimed neutrality on energy investments differs considerably from the asset managers public commitments to organizations like the Net Zero Managers Alliance and the goals of the 2015 Paris Agreement on climate change. Dont bank on this benign price trend continuing. Looking at BlackRock's 2023 Stewardship priorities, "Climate and natural capital" and "Company impacts on people" are two of the five engagement priorities, which stand out as two themes in Fink's letter. Just Short-Term Pain, Sages Say, Endowments, Foundations Increase OCIO Use, but Underutilize Alts, Worlds 300 Largest Pension Funds Assets Rise to Record $23.6 Trillion, Connecticut Bill Would Allow Cities to Tax Private College Endowments. Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors. Traders are watching for whether the European Commission will intervene in the energy markets, in an effort to limit price rises. A basis for research and practical guidance focusing on federal securities laws, compliance & corporate governance. 'Another mechanism for the left to impose their philosophy ' out that much of the world has already commitments! 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