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Law firm alleges BlackRock misled investors with environmental claims (2024)
| Environmental, social, and corporate governance |
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ClientEarth—an environmental law charity based in London—has filed a complaint with French regulators claiming BlackRock (the world’s largest asset manager) uses misleading environmental claims to promote its investment funds:
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ClientEarth has filed a complaint with the French financial regulator AMF against BlackRock, claiming the investor has undertaken 'misleading marketing' of some of its funds. The environmental organisation said it has identified 18 actively managed retail investment funds marketed in France with 'sustainable' in their names, which collectively hold more than $1 billion of fossil fuel investment, the majority of which represents fossil fuel expansion. Two of the funds flagged in ClientEarth's complaint are classified as Article 9 under the EU's Sustainable Finance Disclosure Regulation, and 16 are classified as Article 8. ClientEarth has made reference to alleged breaches of SFDR, the regulation's Do No Significant Harm (DNSH) criteria, European watchdog ESMA's naming guidelines, and the AMF's own fund marketing rules. In addition to filing the complaint with the AMF, Client Earth said it would notify EU watchdog ESMA of the action it has taken. A spokesperson for BlackRock said: 'BlackRock's funds are managed in accordance with their investment objectives that are clearly disclosed in each fund's prospectus and on BlackRock's website. BlackRock's sustainable funds are managed in line with applicable regulations governing sustainable investing.' AMF said it does not comment on individual cases.[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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