Indiana pension board removes assets from BlackRock’s management (2024)
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The Indiana Public Retirement System’s trustees voted last week to stop using BlackRock for asset management services. The board is considering three firms as replacements: State Street, UBS, and Northern Trust.
Indiana Treasurer Daniel Elliott (R) argued in August that BlackRock’s ESG commitments made the firm ineligible for contracts under the state’s 2023 anti-ESG law. Elliott said he believed ESG compromised pension fund returns, and the alternative managers would invest the state’s pension funds more effectively.
All three potential replacements are on boycott lists in at least one other state for ESG commitments.
According to the Indiana Capital Chronicle:
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'Today, I and other INPRS board members voted to put Hoosier public servants first by rejecting BlackRock and woke corporate policies,' said Treasurer Daniel Elliott. 'As Treasurer of State, I led the charge against ESG and other non-fiduciary policies that harm workers force that put Hoosier public employee pensions at risk.' Friday’s vote was to determine that there are service providers comparable to BlackRock for custom, passive investment management services of global inflation-linked bonds within the INPRS Defined Benefit Plan. 'Today’s decision by the Indiana Public Retirement System (INPRS) clearly showed the culture-war politics of outside influences – not their fiduciary duty – was the driving motivation behind a board vote that arbitrarily put political winds ahead of the pension’s financial performance,' Elliott said.[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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