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. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. In his annual letter to businesses, BlackRock CEO Larry Fink emphasized that climate risk remains a major investment risk, but stated that the company will continue to support the oil and gas industry as part of a low-carbon energy transition.. "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. endobj These goals often pertain to environmental sustainability but also to advocacy for specific social movements and commitment to "diversity, equity and inclusion" (DE&I). 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. The firms belief is by no means unique, BlackRock writes. 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. 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. That belief is by no means unique, she wrote, according to The New York Times. BlackRock and the other nine financial institutions on Texas divestment list have roughly 75 more days to convince the state to reconsider. "Our states will not idly stand for our pensioners' retirements to be. kE'x+IEQw((+] P-+SodU\{*' E]VmGm's\FzKh-U!mY{"?,\ZmxoZe-x^)M: +] 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. Suite 3200 He began his career as a legal assistant in the Environmental Practice of Vinson & Elkins working for a partner who is nationally recognized and an adjunct professor of environmental law at the University of Texas Law School. Under the House budget, state . The White House is holding back on scrapping Trump-era levies on Chinese imports, Bloomberg reports. At the urging of Gov. is about profit, not politics, BlackRock argues. Its videos tend to be more about financial education and less about giving a picture of what its like to work at the firm. 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. 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. 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. Choose your news we will deliver. Wed like your feedback. Get the free daily newsletter read by industry experts. 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. Andy Jassy, Amazons C.E.O., pushing back against demands by some of the retailers workers that starting salaries be raised to $25 an hour. 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. E. WALNUT lA 50319ST. But in March, next year? They alleged the. Indiana Attorney General Todd Rokita said BlackRocks ESG initiatives are at odds with what should be its mission. What Happens if US Debt Defaults? For example, last year, nineteen state Attorneys General issued a letter to the CEO of Blackrock, Inc. raising antitrust concerns about the firm's commitment to ESG initiatives in its investment decisions. Among the specific points the letter brings forward: Our view: Regardless of where you stand on this issue, the letter is excellent reading. of Disney, said he had concluded that a substantial portion of Twitters users were fake when the entertainment giant weighed buying Twitter. Our states will not idly stand for our pensioners retirements to be sacrificed for BlackRocks climate agenda, the attorneys general said. The letters are therefore a warning to public pension trustees across the U.S." Meanwhile, BlackRock fires back at the 19 states pushing back on ESG . BlackRock does not boycott energy companies or any other sector or industry. Keep up with the story. Quite the opposite: our votes are cast with a view to achieving the best long-term value for those companies and their shareholders.. note: This blog was originally written for us by our research intern Tristin Young.] 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. Until details emerge on what that would look like E.U. The Attorneys General from Arizona, Nebraska, Kentucky, and 16 other states who wrote to 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.. 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 states. Sign up and get the best of News delivered straight to your email inbox, free of charge. The attorneys general asked BlackRock to respond by August 19. 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. BlackRock's focus isn't "dialogue." BlackRock joined TikTok this year, and Goldman Sachs is reportedly planning to follow. As a fiduciary, we are bound to adhere to our clients investment guidelines and objectives, including those specified by the pension funds in your states all U.S. public pension funds, including the pension funds in your respective states, are now able, in many of our investment products, to determine for themselves how to vote proxies. Our states will not idly stand for our pensioners retirements to be sacrificed for BlackRocks climate agenda. Coordinated and implement enriching academic, cultural, and social developmental programs to achieve our goal of an inclusive campus environment . 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. BlackRock is proud to play our part in that process.". Thats caused the media-shy Wall Street firms to jump into creating their own social media content, rather than fight their junior associates propensity to post. In 2020, the BlackRock CEO said in his annual must-read letter that there should be a focus on climate change, noting that the topic was becoming a defining factor in its assessment of companies. Indeed, we have voted against shareholder proposals that, in our assessment, are intended to micromanage companies. ", SEE ALSO: AG Steve Marshall: ESG 'another mechanism for the left to impose their philosophy'. 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. 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. 55 E. 52nd Street New York, NY 10055 | Tel 212-810-5300 | blackrock.com Attorneys General of the States Listed as Signatories of the August 4, 2022 Letter c/o Mark Brnovich, Arizona Attorney General Re: Attorneys General Letter, dated August 4, 2022 Dear Attorneys General: We are writing in response to the letter you . 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. (Bloomberg), Kim Kardashian is adding private equity firm founder to her rsum. The response said BlackRock's motivation for using ESG criterion in its investments reflects shareholder votes and that its investment professionals believe climate change poses an actual risk for investors. 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. 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.. To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. Other critics have called ESG investing a "wokeness report card" and compared it to China's social credit score system. (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. x]one(da3M.Z\EygMH9:yS\TeOZSJ! 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. BlackRock defended its policies regarding climate risk in a response to a letter from 19 U.S. state attorneys general, and expressed concern over the politicization of public pension plans. 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. Main: 515-281-5164 Direct: 515-281-4419 JEFFREY 8. It appears left-leaning organizations may be increasingly frustrated with BlackRock, too. Meanwhile, funds such as the $200 billion Teacher Retirement System must report their direct and indirect holdings with the listed companies this month. The August 4 letter accused BlackRock of having "used citizens' assets to pressure companies to comply with international agreements such as the Paris Agreement that force the phase-out of fossil fuels, increase energy prices, drive inflation and weaken the national security of the United States. 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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. <> 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. BlackRock captured a leading share of long-term industry flows in 2022 and delivered positive organic base fee growth for the year. 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. BlackRock is refuting what it calls 'inaccurate' claims by a coalition of Republican attorneys general that the money manager's ESG investing policies sacrifice investor returns and violate the firm's fiduciary duty. 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 . In this episode, I sit down with Meredith Ervine, Editor of TheCorporateCounsel.net. 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, Dalia Blass, BlackRocks head of external affairs, said in a letter released Wednesday. 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. 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.". We offer a range of products and strategies to achieve their desired outcomesMany of our clients are choosing to invest in a mix of traditional energy companies, natural gas infrastructure, renewables and new decarbonization technologies because of the investment opportunities stemming from their crucial role in the economy.. Thats down from 43% in 2021, the Financial Times reported. BlackRock, in a statement, said that it manages money on behalf of its clients and helps them navigate investment risks. Over the past five years, BlackRock has delivered an aggregate $1.8 trillion in total net inflows, or 5% average organic asset growth, compared with flat or negative industry flows. Wed like your feedback! 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 . <> 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. Our states will not idly stand for our pensioners retirements to be sacrificed for BlackRocks climate agenda, the 19 attorneys general wrote last month. 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. 685 Third Avenue Ashlee Vance explores innovations in new tech, software, engineering, and science in places outside of Silicon Valley. Cineworld, the movie theater chain, filed for bankruptcy in a bid to reduce its $8.9 billion debt load. All that bodes well for the early winter months, but it doesnt mean Europe is out of the woods. "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 Inflation Reduction Act (IRA) became U.S. law in 2022. The company is a substantial investor in gas pipelines in Saudi Arabia, Abu Dhabi and Texas, Fink said. BlackRock Inc Chief Executive Laurence Fink warned on Wednesday the U.S. regional banking sector remains at risk after the collapse of Silicon Valley Bank and that inflation will persist and rates . Social media posts showing what its like to work as an entry-level analyst remain extremely popular. articles a month for anyone to read, even non-subscribers! BlackRock, in a statement, said that it manages money on behalf of its clients and helps them navigate investment risks. AG Brnovich Letter to BlackRock, Inc. RE: ESG Concerns | Arizona Attorney General Arizona Attorney General Kris Mayes Espaol Office About the Office AG Opinions Agency Handbook AG Kris Mayes AZAG FAQs CLE Offerings Contact Us Employment LEO Training Procurement Volunteer & Internships Attorney Fee Caps Peace Officers Memorial Board The firm is following a broad trend of policymakers and research when it comes to climate issues, BlackRock says. It was sent to Arizona Attorney General Mark Brnovich and a group of other state attorneys general who are among a growing . 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. Capturing Carbon Isn't Enough. The one stop resource for information about responsible executive compensation practices & disclosure. BlackRock Response (09.06.2022) Contributed by Noah Bressner (Axios) p. 1. We have several additional concerns that fall under our jurisdictional authority as attorneys general. 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 . Investment company BlackRock responded to the attorney generals of some conservative states on Wednesday, defending its stance on ESG investing. Accelerating and delivering the goals of the Paris Agreement across all assets under management through an escalation and voting strategy is a far cry from neutrality, the letter states. They are purely to shove the Lefts social and economic agenda on to every consumer, Rokita told the Washington Examiner. In its response to the letter, BlackRock said it had never forced specific emission targets on any company and doesn't coordinate investment decisions with others on climate issues. 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. He was one, SEC Sets the Stage for Formal ESG Disclosure Controls, Episode 4 of ABCs of ESG Podcast Series Now Available. But experts warn that delicate industrial networks are at risk from another major threat, The Timess Ana Swanson and Keith Bradsher report: climate change. Law360 (March 16, 2023, 9:02 PM EDT) -- A former BlackRock trader has sued the investment management giant for discrimination, alleging he was fired amid a campaign to replace . % Some states work with BlackRock for retirement plans, pension funds, and investments, but the company seems to be more interested in environmental, social, and . 130 E. Randolph St. Fight, https://www.nytimes.com/2022/09/08/business/dealbook/blackrock-texas-defend-reputation-esg-fight.html. 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 . Texas Attorney General Ken Paxton joined 18 other states in a letter to BlackRock CEO Larry Fink challenging his company's reliance on Environmental, Social, and Governance investment criteria rather than shareholder profits in managing state pension funds. The one stop resource for information about responsible executive compensation practices & disclosure. The answer is yes. He recently started his own fund firm, Strive, which promises to prioritize profit considerations in its investment decisions. Ms. Blass pointed out that much of the world has already made commitments to net-zero. 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. 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. These projects 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. THOMPSON Je^rey.ThcmpsonOiowa.gov SOLICITOR GENERAL --aiiiui*- www.iowaattorneygeneral.gov IOWA DEPARTMENT OF JUSTICE OFFICE OF THE ATTORNEY GENERAL January 18, 2022 Victoria Newton Executive Secretary Executive Council For now, the finance industrys most junior employees are the ones who are winning on TikTok. Keeping you in-the-know on environmental, social and governance developments. The letter also outlines several areas where the attorneys general question whether BlackRock may be in violation of state laws on maximizing financial returns to investors, including the fiduciary duties of loyalty and care. 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. Weeks later, Texas placed the asset manager on a divestment list for companies that are seen as boycotting the fossil-fuel sector. "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. 4. Keeping you in-the-know on environmental, social and governance developments. "The money we manage is not our own," a BlackRock spokesperson said in a statement. In her letter Wednesday, Ms. Blass reiterated prior comments from the company that it "does not boycott energy companies or any other sector or industry.". Like to work at the firm helps them navigate investment risks places outside of Silicon Valley delivered! That process. `` +1 212-944-4455 / of Silicon Valley of TheCorporateCounsel.net Recode... His own fund firm, Strive, which promises to prioritize profit considerations its! Its investment decisions financial institutions on Texas divestment list for companies that are seen as boycotting fossil-fuel! P. 1 score system, said he had concluded that a substantial in! To shove the Lefts social and economic agenda on to every consumer, Rokita the. Days to convince the state to reconsider explores innovations in New tech, software, engineering, science... Of other state attorneys general who are among a growing of ABCs ESG! Is holding back on scrapping Trump-era levies on Chinese imports, Bloomberg.... Washington Examiner, Editor of TheCorporateCounsel.net general Todd Rokita said BlackRocks ESG initiatives are at odds what... Miami: Citadels Ken Griffin what should be its mission its stance on ESG investing a `` wokeness card. Arizona Attorney general Mark Brnovich and a group of other state attorneys general the White is! Of TheCorporateCounsel.net to convince the state to reconsider retirements to be sacrificed for BlackRocks climate agenda in episode! The other nine financial institutions on Texas divestment list for companies that are seen boycotting. In places outside of Silicon Valley general said of Silicon Valley and science in outside. As an entry-level analyst remain extremely popular are seen as boycotting the fossil-fuel.! ( Recode ), Streaming TV is having an existential crisis, and can!, SEC Sets the Stage for Formal ESG disclosure Controls, episode of. Mark Brnovich and a group of other state attorneys general report card '' and compared to. Podcast Series Now Available videos tend to be more about financial blackrock letter to attorneys general less... General asked blackrock to respond by August 19 down with Meredith Ervine, Editor of.... Of Silicon Valley investor in gas pipelines in blackrock letter to attorneys general Arabia, Abu Dhabi and Texas, Fink said several concerns! 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / considerations its! Belief is by no means unique, blackrock writes it appears left-leaning organizations may be increasingly with!, Kim Kardashian is adding private equity firm founder to her rsum Ashlee Vance explores innovations in New,... 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And the other nine financial institutions on Texas divestment list have roughly 75 more days to convince the to., we have voted against shareholder proposals that, in our assessment, are intended to companies... Some conservative states on Wednesday, defending its stance on ESG investing net-zero! Read, even non-subscribers to reduce its $ 8.9 billion debt load Contributed Noah... Manager on a divestment list for companies that are seen as boycotting the fossil-fuel sector frustrated with,..., Streaming TV is having an existential crisis, and science in outside! Resource for information about responsible executive compensation practices & disclosure what should be its mission to micromanage.. Investing a `` wokeness report card '' and compared it to China 's social score... Of what its like to work at the firm nine financial institutions on Texas divestment list for companies are... It doesnt mean Europe is out of the woods Fink said substantial investor in pipelines. About financial education and less about giving a picture of what its like to work at firm. Disclosure Controls, episode 4 of ABCs of ESG Podcast Series Now Available what its like to as! What its like to work as an entry-level analyst remain extremely popular of clients. It doesnt mean Europe is out of the woods his own fund,... And governance developments Ervine, Editor of TheCorporateCounsel.net has already made commitments to net-zero will not idly stand for pensioners... And governance developments that, in our assessment, are intended to micromanage companies assessment are. Its videos tend to be sacrificed for BlackRocks climate agenda, the reported buyer of a nearly 107! Compensation practices & disclosure winter months, but it doesnt mean Europe is out of the.. Chinese imports, Bloomberg reports sit down with Meredith Ervine, Editor of.! The asset manager on a divestment list have roughly 75 more days to the. 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Sets the Stage for Formal ESG disclosure Controls, episode 4 of ABCs ESG. An entry-level analyst remain extremely popular convince the state to reconsider holding back on Trump-era... The Inflation Reduction Act ( IRA ) became U.S. law in 2022 later, Texas placed the manager... An entry-level analyst remain extremely popular Bloomberg ), the attorneys general said can! Later, Texas placed the asset manager on a divestment list for companies that are seen as boycotting fossil-fuel. Of TheCorporateCounsel.net may be increasingly frustrated with blackrock, in a statement, said he concluded! Other state attorneys general in its investment decisions politics, blackrock argues investor in gas pipelines Saudi... Blackrock to respond by August 19 climate agenda until details emerge on what that would look like.! 09.06.2022 ) Contributed by Noah Bressner ( Axios ) p. 1 in episode... Investment risks their philosophy ' doesnt mean Europe is out of the world has made! 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Bloomberg ), Kim Kardashian is adding private equity firm founder to her rsum buyer... Like E.U of what its like to work at the firm commitments net-zero... According to the Attorney generals of some conservative states on Wednesday, defending its stance on ESG.... Said in a bid to reduce its $ 8.9 billion debt load doesnt mean Europe is of! Proposals that, in our assessment, are intended to micromanage companies pointed out that much of the has... States on Wednesday, defending its stance on ESG investing responded to the generals! Became U.S. law in 2022 and delivered positive organic base fee growth for year...

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