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On June 26, 2023, Fox Business Network cited Americans for Tax Reform’s BlackRock Divestment Tracker. The tracker can be found at www.atr.org/esgradar.
ATR created the tracker as a one-stop-shop resource for anyone interested in knowing which states have taken action to divest state assets from BlackRock.
State financial officers and pension fund boards have a strict fiduciary duty to constituents and retirees to make investment decisions based solely in the interest of plan participants. If a third-party investment adviser, such as BlackRock, is making investment and proxy voting decisions that conflict with a state financial officer or pension fund board’s fiduciary duty, they are compelled by law to reallocate those assets to the management of an investment adviser who will uphold the fiduciary duties of loyalty and prudence.
The states highlighted in the tracker have found that BlackRock is in conflict with their fiduciary duties.
In the wake of this action in the states, Axios reported that Larry Fink, Chairman and CEO of BlackRock, divulged his new disdain for the term “ESG” because of its alleged “weaponization” from both sides of the aisle. Fink still plans to align BlackRock’s goals with ESG standards, but under different terms such as “stakeholder capitalism” or “conscientious capitalism.” No matter the phrasing, investment advisers must uphold their fiduciary duty and focus on monetary returns.
Watch The Fox Business video clip citing ATR’s BlackRock Tracker below: