10.7 C
London
Wednesday, March 22, 2023
HomeBlackRock Caves To DeSantis Over ESG
Array

BlackRock Caves To DeSantis Over ESG

Date:

Related stories

Spark joins Australian offshore wind rush as part of new consortium

Spark Renewables joins forces with Simply Blue Group and Subsea7 to develop floating offshore wind projects in one of Australia's hottest new zones. The post Spark joins Australian offshore wind rush as part of new consortium appeared first on RenewEco...

SCOTUS Overturns Appeals Court Upholding Abortion Without Parental Consent

SCOTUS Overturns Appeals Court Upholding Abortion Without Parental Consent Authored by Matthew Vadum via The Epoch Times (emphasis ours), The Supreme Court threw out a federal appeals court decision on March 20 that upheld the right of a ...

Rent Inflation Approaches Two-Year Low Amid Cooling Market

Rent Inflation Approaches Two-Year Low Amid Cooling Market Federal Reserve Chair Jerome Powell and his entire team should be cognizant of the fact that rents have been declining for many months. Despite this, Powell has been examining lag...

Will TikTok Be Banned In The U.S.? CEO Shou Zi Chew Begs 150 Million American Users For Support Before Facing Congress.

There aren’t many things you can get Republicans and Democrats to agree to, but one is how TikTok data is accessible to the Chinese Communist Party. Yeah, that’s a problem, considering they are our enemy, and the CEO of TikTok is trying to appeal to t...

Batter industry could be worth $27 billion to Australian economy by 2030

The full battery opportunity won't be unlocked however unless Australia puts in the policy and industry legwork first. The post Batter industry could be worth $27 billion to Australian economy by 2030 appeared first on RenewEconomy.
BlackRock Caves To DeSantis Over ESG

BlackRock has come to an agreement with the state of Florida after Governor Ron DeSantis (R) declared that asset managers overseeing some of the state's $220 billion+ in pension funds cannot employ environmental, social and governance (ESG) investment strategies, according to Bloomberg.

DeSantis and other trustees of the state authority running Florida's pensions formally changed the plans' policies on Tuesday to say that decisions surrounding investments "must be based only on pecuniary factors" which do not take into account "social, political, or ideological interests."

"To the extent that BlackRock has complied with the governor’s directives to abandon ESG metrics, we appreciate this and celebrate this win for Floridians," said DeSantis press secretary Bryan Griffin.

The effort by DeSantis began in August, when he banned state pensions from investing in ESG strategies. In response, Florida's State Board of Administration began updating contracts with investment managers.

"The SBA continuously evaluates all managers, and they are all held to the same exacting standards in delivering returns and performance," reads a statement.

Besides BlackRock, the world’s biggest asset manager, dozens of other firms manage Florida’s pensions, including Morgan Stanley, Schroders Plc and Artisan Partners, according to filings.

BlackRock, which managed about $13 billion in Florida pension funds as of December, said it’s “committed to the SBA’s mandate of prioritizing financial performance consistent with their investment objectives,” according to a statement. -Bloomberg

The agreement between BlackRock and Florida also follows an announced move last year by state CFO Jimmy Patronis, who said he was pulling $2 billion in state funds out of the money manager - which he accused of using Florida's pensions to fund a "social-engineering project." He advised the SBA to remove the firm as one of its asset managers as well.

On Tuesday, BlackRock CEO Larry Fink said the ESG issue has turned "ugly."

Tyler Durden Thu, 01/19/2023 - 18:45

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here