BlackRock bails on ESG
(ASPEN, CO, April 1, 2023) Today, at a corporate retreat in Aspen, BlackRock CEO Larry Fink revealed that the behemoth would follow the lead of Vanguard which announced last December that it was leaving the Glasgow Financial Alliance for Net Zero (GFANZ) and the Net Zero Asset Manager’s initiative. Citing the impact of the backlash against ESG investing, BlackRock committed to:
- Repudiate “stakeholder capitalism” which replaces fiduciary duty with extraneous, progressive political agendas.
- Stop demanding CEOs to adopt its woke climate agenda through an annual letter in order to force American behaviors.
- Refrain from revamping the boards of oil and gas companies to force green initiatives and stop fossil fuel companies, as it did with Exxon.
- And above all else …
Larry Fink is so ideologically fixed on ESG and the woke agenda that abandoning his progressive political agenda would leave him and BlackRock completely rudderless. Instead, BlackRock fired its crisis comms team.
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