Monday
October 10
2022

Republicans Withdraw $1 Billion From BlackRock Due to Its ESG Policies

By Tsvetana Paraskova

Multiple U.S. states governed by Republicans are withdrawing state funds from BlackRock’s management, as they disapprove of the ESG investment policies of the world’s top asset manager, the Financial Times reports.

In recent weeks, Louisiana, South Carolina, Utah, and Arkansas have announced they would divest funds from BlackRock totaling more than $1 billion.

Last week, Louisiana State Treasurer John Schroder announced in a letter to BlackRock’s CEO Larry Fink that he would divest all Treasury funds from BlackRock. Louisiana has removed $560 million to date and will pull out a total of $794 million by year’s end, Schroder noted.

Photo courtesy of sallyjermain.

Source: Oil Price (link opens in a new window)

Categories
Investing
Tags
environmental impact, ESG investing, funding, governance, impact investing, social impact