Florida will pull $2 billion from the largest asset-management firm in the world over ideological differences.
“I think it’s undemocratic of major asset managers to use their power to influence societal outcomes. If Larry, or his friends on Wall Street, want to change the world – run for office. Start a non-profit. Donate to the causes you care about. Using our cash, however, to fund BlackRock’s social-engineering project isn’t something Florida ever signed up for.”BlackRock, which oversees $8 trillion, issued a statement, accusing Florida of putting politics over performance.
“As a fiduciary, everything we do is with the sole goal of driving returns for our clients. We are surprised by the Florida CFO’s decision given the strong returns BlackRock has delivered to Florida taxpayers over the last five years,” the firm said. “We are disturbed by the emerging trend of political initiatives like this that sacrifice access to high-quality investments and thereby jeopardize returns, which will ultimately hurt Florida’s citizens.
Conservatives are going after corporations that have become more vocal on social, environmental and governance issues, commonly known as ESG. ESG investors consider a company’s performance on environmental and other issues when weighing an investment. ESG proponents say this type of investing highlights risks such as climate change exposures or workforce diversity and inclusion issues that might be otherwise overlooked.
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