Seventeen Republican attorneys general contended that BlackRock should be barred from investing in public utilities because of the asset management company’s support of the environmental, social, and corporate governance movement, also known as ESG .
The complaint filed with the Federal Energy Regulation Commission and shared with The Daily Wire on Wednesday seeks to remove the firm’s blanket authorization to purchase large shares in utility companies. BlackRock has stated that the firm acts as a “passive” and “non-controlling investor” despite efforts to emphasize renewable power objectives among portfolio companies.
“Maybe BlackRock was a passive investor ten years ago, but today it’s an environmental activist,” the complaint said, referencing the firm’s membership in the Net Zero Asset Managers initiative and other moves to prompt portfolio companies toward eliminating carbon emissions. “Pursuant to its membership in several horizontal associations, BlackRock aims to pressure or force utility companies to […]
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