Wall Street and the financial industry’s social purpose should be protecting investors’ savings and retirement money. Asset managers claim they focus on financial returns, but they have joined with left-wing state pension funds to cram “environmental, social and governance” policies down the throats of American companies and employees whose retirement funds are under asset managers’ control. What is the real focus of woke asset managers?
BlackRock recently sent a letter to several states claiming that BlackRock focuses solely on its fiduciary duty, allows its clients to determine how to approach the “energy transition,” and has joined climate organizations merely to “dialogue.” This month, 18 of my fellow attorneys general and I responded by pointing out inconsistencies and conflicts between BlackRock’s letter and its public statements and commitments.
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