Texas is the most recent state to join a coalition of Republican-led states accusing BlackRock Inc. of putting woke investment criteria on a pedestal at the expense of shareholder profits in state pension funds.
19 attorneys general from predominantly conservative states sent a letter to BlackRock CEO Larry Fink where they challenged the investment management company’s use of environmental, social, and governance criteria to make key business decisions at the expense of investor returns.
In a press release that was published on August 8, 2022, Texas Attorney General Ken Paxton claimed that ESG climate goals hurt Texas’s extractive economy, such as oil and gas, and Texas’ state pension fund performance.
The release said that BlackRock’s actions may be in violation of federal and state laws. Read more…