24 Mar 2023 BlackRock CEO Will Still Use Investors’ Money to Push His Personal Agenda
BlackRock CEO Larry Fink has a different audience for his annual letter this year (investors instead of CEOs) and he’s singing different words, but the tune is the same.
As Free Enterprise Project Director Scott Shepard writes at RealClearMarkets, Fink is still going to use all the assets invested with him, even those not in ESG-labeled funds, to push ESG goals like UN-schedule decarbonization and equity-based discrimination.
In doing so he’s violating his fiduciary duty and breaking the law.
Scott’s conclusion? BlackRock is no place for sensible investors to invest.
[T]he true message of Fink’s 2023 annual letter, from its change of audience to its facial change of tone and its underlying assertion that nothing will change: he knows that he should, as an ethical and legal matter, respect his investors’ desires, most importantly the clear desire of non-ESG investors not to have their assets used to push ESG goals. He knows, but he isn’t going to stop.
Larry Fink is going to continue to run BlackRock – and invest your money – in accord with his personal policy preferences, preferences that include his having significant control over many, many aspects of your, and all of our, lives. Are you sure you want to entrust him with your money?
Read Scott’s letter in full here.