economy
BlackRock and others ‘weaponized’ retirement portfolios to push ESG: Report
EXCLUSIVE — Three of the world’s largest asset management firms have used retirement shares as leverage in corporate political fights to push environmental, social, and governance investing goals on Wall Street, a free market watchdog is claiming.
TL;DR
- The Bull Moose Project claims BlackRock, Vanguard, and State Street use retirement shares to push ESG investing goals.
- These firms allegedly use passive funds to consolidate voting power, enabling small teams to advance political agendas.
- BlackRock states it acts in clients' best interests and focuses on financial materiality, not ideology.
- The group proposes 'mirror voting' to ensure passive funds' votes reflect market sentiment.
- Recent reports show a trend of these firms decreasing support for ESG proposals, though State Street and Vanguard's overall rankings remain low.
- BlackRock offers 'BlackRock Voting Choice' for eligible clients to participate in proxy voting.