Let me start today by pointing to a piece at Townhall.com by Spencer Brown in which North Carolina's State Treasurer Calls On BlackRock CEO To Resign . I mentioned BlackRock as one of the corporations using investors money to enforce ESG provisions on other companies. BlackRock is doing this because its CEO, Larry Fink is a WEF "Youth Global Leader" graduate. But as the State Treasurer of North Carolina, Dale Folwell points out, Fink has a fiduciary responsibility to his investors, many of which are state pension funds, to secure the best rate of return from its investments, not ESG scores.
What BlackRock is doing is using money placed in BlackRock's care to manage to enforce what Larry Fink thinks needs to be done, rather than what will return the most profit on the money invested. So, for example, Fink, using the funds entrusted to BlackRock, which is not his own, invested money in Exxon Mobil, then forced Exxon Mobil to divert some of its (Exxon's) money to climate change, thus lowering Exxon's return to investors. This is clearly an abuse of his fiduciary responsibility to not only his own investors, but Exxon's investors as well.
Good for Dale Folwell. I hope more more states take similar stances. Control of BlackRock needs to be wrested away from the WEF before it is too late.
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