the staff of the Ridgewood blog
Ridgewood NJ, perhaps Larry Fink has taken note of the annual report card, “Putting Politics Over Pensions.” It’s undeniable that BlackRock is shifting its stance on climate activism. This marks a significant reversal in just 18 months, especially considering Fink’s previous leadership in the CEO movement advocating for climate action.
Our forthcoming updated report card reveals that BlackRock has begun rejecting many radical anti-fossil fuel proposals in recent ESG shareholder resolutions. With trillions of dollars of client funds under its management, the firm is no longer pushing for corporate behavior that detracts from profitability—a stance we believe was detrimental to shareholder value. The Wall Street Journal highlighted this shift in focus, noting that Fink has abandoned his previous emphasis on environmental, social, and governance factors.
ESG:Environmental, social, and corporate governance, is a set of considerations, including environmental issues, social issues and corporate governance that can be considered in investing. Investing with ESG considerations is sometimes referred to as responsible investing or, in more proactive cases, impact investing
Fink’s retreat follows a backlash, including from conservative voices like ours, against the concept of “woke capitalism,” which has become politically charged. Additionally, he faced criticism within the finance industry for appearing to moralize and overstep BlackRock’s fiduciary duty to maximize financial returns for clients.
When questioned about the decision to downplay the radical climate agenda, a BlackRock executive responded simply: “It’s just good business. Larry is in the business of making money.” While we can appreciate this perspective, we will continue to monitor BlackRock closely.
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Black Rock is a far left progressive investment firm in bed w China.
It’s about time this Anti-White Racism was ended.