FILE PHOTO: Chief Executive Officer of Stellantis Carlos Tavares attends the 2022 Paris Auto Show in Paris, France October 17, 2022. REUTERS/Stephane Mahe
10/18/2022
Louisiana removes nearly $800,000,000 from Black rock funds over companies E.S.G. investing.
Louisiana treasurer John Schroder said Wednesday he would pull $794 million of state money from BlackRock Inc. funds, citing the asset manager’s support for environmental, social and governance investing.
Schroder said the assets would be liquidated by year-end and that his office has already divested $560 million from BlackRock money market, mutual and exchange-traded funds.
The move is part of a continuing backlash against New York-based BlackRock over its advocacy for sustainable investing.
In Texas, some lawmakers are seeking to steer money away from BlackRock and other firms they deem harmful to oil and gas companies. Meanwhile, the company has faced criticism from environmental advocates for not doing more to combat climate change.
In a letter last month responding to criticism from Republican state attorneys general, BlackRock executives said they were “disturbed by the emerging trend of political initiatives that sacrifice pension plans’ access to high-quality investments — and thereby jeopardize pensioners’ financial returns.”
BlackRock had no immediate comment.
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