blackrock letter to attorneys general

It appears left-leaning organizations may be increasingly frustrated with BlackRock, too. The one stop resource for information about responsible executive compensation practices & disclosure. Suite 3200 But experts warn that delicate industrial networks are at risk from another major threat, The Timess Ana Swanson and Keith Bradsher report: climate change. BlackRock and the other nine financial institutions on Texas divestment list have roughly 75 more days to convince the state to reconsider. 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. BlackRock, which has $10 trillion in assets under management, is a global leader in advancing the ESG agenda. Wed like your feedback! The money we manage is not our own, a BlackRock spokesperson said in a statement. Consider a record drought in southwestern China: It reduced the amount of available hydropower, leading to power cuts at regional factories, including those for Foxconn and Toyota. The CCRcorp Network unlocks access to a world of insights, research, guides and information in a range of specialty areas. % These goals often pertain to environmental sustainability but also to advocacy for specific social movements and commitment to "diversity, equity and inclusion" (DE&I). Coordinated and implement enriching academic, cultural, and social developmental programs to achieve our goal of an inclusive campus environment . (E.S.G., or environmental, social and governance, is the latest term for socially conscious investing.) 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. Sign up now to get the Washington Examiners breaking news and timely commentary delivered right to your inbox. 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.". 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. 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. BlackRock wants to clear the air on woke investing. Building factories elsewhere could be costly for both companies and consumers. Are the IRAs Green Tax Credits in Peril? Keeping you in-the-know on environmental, social and governance developments. <> 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. Why Have Stocks and Bonds Been Correlated Lately? Under the House budget, state . 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. The White House is holding back on scrapping Trump-era levies on Chinese imports, Bloomberg reports. 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. Instead, BlackRock says its shareholder votes and investment decisions reflect that, generally, its investment professionals believe that climate change poses real risks and opportunities for investors. The attorneys general asked BlackRock to respond by August 19. <> . Our states will not idly stand for our pensioners retirements to be sacrificed for BlackRocks climate agenda. One TikTok user, Naeche Vincent, 24, shares her experience working 19-hour days and tips on how to make a good impression in the industry. The Republican attorneys general contend that BlackRocks actions may violate state laws surrounding pension funds that require a sole focus on financial returns. He was one, SEC Sets the Stage for Formal ESG Disclosure Controls, Episode 4 of ABCs of ESG Podcast Series Now Available. BlackRock has about 15,000 followers on TikTok. He moved into technical environmental consulting with ENSR Consulting & Engineering at the height of regulatory development, working across a range of disciplines. The Senators elected by the citizens of this country determine which international agreements have the force of law, not BlackRock. Investment company BlackRock responded to the attorney generals of some conservative states on Wednesday, defending its stance on ESG investing. 4 0 obj Because thats where the potential hires are. Keep up with the story. That belief is by no means unique, she wrote, according to The New York Times. 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. Weeks later, Texas placed the asset manager on a divestment list for companies that are seen as boycotting the fossil-fuel sector. 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 In this episode, I sit down with Meredith Ervine, Editor of TheCorporateCounsel.net. Fink, who has run BlackRock for decades and is perhaps the most powerful man on Wall Street, has emerged as a key adversary for Republicans, given his push for more corporate involvement with climate change and for BlackRocks dalliances in Chinese markets. The CCRcorp Network unlocks access to a world of insights, research, guides and information in a range of specialty areas. BlackRock claims that its policies are merely focused on enhancing transparency., 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, Blass said. Which Subscription Will You Cancel First? 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Extreme weather events around the world are becoming more frequent, causing an array of knock-on effects, including component shortages and shipping delays. "Our states will not idly stand for our pensioners' retirements to be. 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. The guidance has inspired debate about how to approach similar environmental collaborations under U.S. antitrust laws. 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. 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 . Please email thoughts and suggestions to dealbook@nytimes.com. Tenth Floor 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. 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 Get started BlackRocks actions may also violate state and federal law.. Organizations, such as MSCI, award ESG scores to corporations supposedly based on their adherence to ESG values. It was sent to Arizona Attorney General Mark Brnovich and a group of other state attorneys general who are among a growing . The Attorneys General from Arizona, Nebraska, Kentucky, and 16 other states who wrote to Our states will not idly stand for our pensioners retirements to be sacrificed for BlackRocks climate agenda, the attorneys general said. BlackRock's focus isn't "dialogue." The letter also suggests that BlackRocks content raises antitrust concerns., BlackRocks actions appear to intentionally restrain and harm the competitiveness of the energy markets, the letter says. 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. 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 . (NYT), The White House suggested that any effort by Britain to alter post-Brexit trade policies with Northern Ireland could hurt efforts to reach a U.S.-Britain trade deal. Natural gas prices in Europe have plummeted more than 40 percent over the past 10 days, welcome news for businesses, homeowners and policymakers from London to Berlin. 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. BlackRock, in a statement, said that it manages money on behalf of its clients and helps them navigate investment risks. As you probably heard, last week BlackRock submitted its response to the August 4 letter signed by the Attorneys General of 19 states accusing the financial firm of boycotting energy companies. Here are a few excerpts I think directly deflect the AGs attacks: 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, Governments representing over 90% of global GDP have committed to move to net-zero in the coming decades. 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All that bodes well for the early winter months, but it doesnt mean Europe is out of the woods. Vegetables in the area wilted from heat, driving up meat prices. BlackRock Responds to AGs' Anti-ESG Letter Sep 12 2022 #climate, #esg, #investors As you probably heard, last week BlackRock submitted its response to the August 4 letter signed by the Attorneys General of 19 states accusing the financial firm of "boycotting energy companies." Here are a few excerpts I think directly deflect the AGs' attacks: But can Wall Street firms, known to prize privacy and secrecy, also do authentic? According to the BlackRock website, the company is committed to "supporting the goal of net zero greenhouse gas emissions by 2050 or sooner" in January 2021. 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. 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. (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. Not yet. 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. Last week, BlackRock continued pushback against the 19 state attorneys general who had accused the firm of violating the sole interest rule to maximize financial returns. 130 E. 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