{"id":329491,"date":"2024-05-21T07:57:46","date_gmt":"2024-05-21T05:57:46","guid":{"rendered":"https:\/\/climatescience.press\/?p=329491"},"modified":"2024-05-21T07:57:49","modified_gmt":"2024-05-21T05:57:49","slug":"blackrock-questioned-by-cfact-about-esg-at-shareholder-meeting","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=329491","title":{"rendered":"BlackRock questioned by CFACT about ESG at shareholder meeting"},"content":{"rendered":"\n
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<\/p>\n\n\n\n

From CFACT<\/a><\/p>\n\n\n\n

BlackRock held its annual shareholder\u2019s meeting Wednesday, and CFACT, which owns stock in the company, sent a representative to voice concern over the company\u2019s longstanding support of Environmental, Social, and Governance (ESG) criteria.<\/p>\n\n\n\n

Collegians National Field Director Greg Neff took advantage of the meeting\u2019s Q&A period to ask the company\u2019s CEO, Larry Fink, the following: \u201cOn page 42 of your 2023 Annual Report, Blackrock says its goal is to \u2018be the global leader in sustainable investing.\u2019 However, Barrons reported that in 2023, investors pulled more than $13 billion from US sustainable funds, and BlackRock saw a 12% reduction in gains compared to 2021 in this area. Is seeking to become a global leader via a sinking investment strategy that\u2019s on a downward trend a wise idea?\u201d<\/p>\n\n\n\n

Mr. Fink quickly responded, \u201cBlackRock\u2019s long-steady model providing investment choice helps clients build portfolios in line with their unique preferences and their unique goals. For some clients, this includes investing in sustainable strategies. BlackRock manages over $800 billion of dedicated, sustainable AUM on behalf of clients. That\u2019s up from $200 billion three years ago. We continue to see demand, particularly in Europe and private markets, especially as we expect to see large pools of capital opening in transition finance. For example, last year, we announced our carbon capture joint venture with Occidental Petroleum, which will be the largest director capture facility upon completion, and it\u2019s in Texas. Our role is to serve as a fiduciary for our clients. That\u2019s why we offer more choices than anyone else in the industry. As a result of our choice our clients have made, we are the largest investor in both hydrocarbons and renewables.\u201d<\/p>\n\n\n\n

The company argues that there is demand and that they are offering their clients choices, but is this so? As the question stated, there has been a major pullback from investors in the area of \u201csustainable investing,\u201d so why is Mr. Fink, in essence, saying the opposite? Is it because of the corporate culture, which is wedded to ESG and woke investing?<\/p>\n\n\n\n

Vivek Ramaswamy, in his quintessential work \u201cCapitalist Punishment\u201d, notes how BlackRock uses their proxy voting abilities to push a green agenda regardless of whether or not the clients are requesting sustainable funds. In a lawsuit detailed in Ramaswamy\u2019s book, he quotes a Blackrock representative under oath saying, \u201cWe actually integrate ESG\u2026 regardless of whether that portfolio has an ESG objective or not.\u201d This history in BlackRock\u2019s dark past makes Mr. Fink\u2019s proclamation that the company\u2019s investing decisions are driven by \u201cclient choices\u201d and not political\/ideological priorities somewhat suspect.<\/p>\n\n\n\n

In addition to getting the opportunity to question Blackrock\u2019s Board of Directors, CFACT also used this meeting to vote in favor of a proposal from the National Center for Public Policy Research, which demanded a report be made public demonstrating the company\u2019s issues with viewpoint discrimination. While this proposal did not pass, it nevertheless showed the Board that stockholders were paying attention to such problems within the organization.<\/p>\n\n\n\n

CFACT will continue attending shareholder meetings throughout the coming weeks and will report back on the progress being made.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

BlackRock held its annual shareholder\u2019s meeting Wednesday, and CFACT, which owns stock in the company, sent a representative to voice concern over the company\u2019s longstanding support of Environmental, Social, and Governance (ESG) criteria.<\/p>\n","protected":false},"author":121246920,"featured_media":329493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691819146,691818229,691820814,691818130],"class_list":{"0":"post-329491","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-blackrock","9":"tag-esg","10":"tag-hydrocarbons","11":"tag-renewables","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/05\/08085b368cb8786cdcda2fbf3ad9e87dc.jpeg?fit=1920%2C1080&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1nIn","jetpack-related-posts":[{"id":259676,"url":"https:\/\/climatescience.press\/?p=259676","url_meta":{"origin":329491,"position":0},"title":"CFACT questions BlackRock\u2019s Fink over growing ESG pushback","author":"uwe.roland.gross","date":"05\/30\/2023","format":false,"excerpt":"During BlackRock\u2019s annual shareholder meeting on Wednesday, CFACT President Craig Rucker posed a question to Chairman and CEO Larry Fink on the matter of the company\u2019s recent setbacks in the area of ESG financing.","rel":"","context":"In \"bad investments\"","block_context":{"text":"bad investments","link":"https:\/\/climatescience.press\/?tag=bad-investments"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0ESG-GRANDE-scaled-1.jpg?fit=1200%2C457&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0ESG-GRANDE-scaled-1.jpg?fit=1200%2C457&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0ESG-GRANDE-scaled-1.jpg?fit=1200%2C457&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0ESG-GRANDE-scaled-1.jpg?fit=1200%2C457&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0ESG-GRANDE-scaled-1.jpg?fit=1200%2C457&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":260346,"url":"https:\/\/climatescience.press\/?p=260346","url_meta":{"origin":329491,"position":1},"title":"Fighting ESG all the way to the CEOs","author":"uwe.roland.gross","date":"06\/03\/2023","format":false,"excerpt":"ESG, or \u201cenvironmental, social, governance\u201d investing has become a pernicious threat to our free market.","rel":"","context":"In \"CEOs\"","block_context":{"text":"CEOs","link":"https:\/\/climatescience.press\/?tag=ceos"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0AdobeStock_364193178-scaled-1.jpeg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0AdobeStock_364193178-scaled-1.jpeg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0AdobeStock_364193178-scaled-1.jpeg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0AdobeStock_364193178-scaled-1.jpeg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0AdobeStock_364193178-scaled-1.jpeg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":282318,"url":"https:\/\/climatescience.press\/?p=282318","url_meta":{"origin":329491,"position":2},"title":"Climate Tales: BlackRock got Exxon to divest oil fields that PetroChina wanted (which BlackRock also owned shares in)","author":"uwe.roland.gross","date":"10\/07\/2023","format":false,"excerpt":"From JoNova by Jo Nova When will the Green climate activists realize they are the minions of the Banksters, and communist governments? 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The American people are showing they will not stomach the woke agenda these wealthy, powerful, unelected ESG promoters are imposing on them. 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