BlackRock engages Republican state officials (2025)
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BlackRock, the world’s largest asset management firm, has recently been engaging with officials in several Republican states and distancing itself from its previous pro-ESG positions.
Republican states have pulled billions of dollars away from large asset management firms—including BlackRock, Vanguard, and State Street—over the last several years. Now, BlackRock’s recent moves (including purchasing ports in the Panama Canal) have received praise from Republican treasurers in Texas, West Virginia, and other states.
According to Bloomberg:
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From Indiana to Utah, West Virginia to Tennessee, BlackRock has dispatched emissaries to ingratiate itself with Republicans, who’ve lambasted the firm, as well as many of the country’s largest banks and money managers, for pressing a liberal agenda on American businesses. It’s been five years since BlackRock Chief Executive Officer Larry Fink extolled the virtues of a greener planet and displacing fossil fuels in his annual missives, enraging Republicans in the process. More recently, the company has been dialing back. It’s quit climate groups and drastically reduced support for shareholder proposals designed to make corporate America greener and more diverse. And Fink no longer utters the letters ESG. These days, he prefers to talk about retirement goals rather than net zero goals. The push appears to be paying off, at least so far. In emailed statements, the treasurers of Texas and West Virginia praised BlackRock for its deal earlier this month to buy ports in the Panama Canal. (Fink had personally contacted Trump, who praised the transaction in a prime time address to the nation as a way to shift control to American hands.)[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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