North Carolina Treasurer Wants BlackRock CEO Larry Fink to ‘Resign or Be Removed’

Contact Your Elected Officials
The Epoch Times Header

Cites asset manager’s ESG push under Fink

You might call it the “battle of BlackRock.”

The conflict, which pits Republican officials in states across the country against the world’s largest asset manager, has only intensified in recent months.

Just days ago, Florida became the latest state to pull money from BlackRock—in its case, $2 billion in state-controlled assets.

The state’s chief financial officer, Jimmy Patronis, explained that “using Florida’s cash to fund BlackRock’s social-engineering project isn’t something we signed up for.”

Now, North Carolina Treasurer Dale Folwell has taken the rhetoric up another notch.

In a Dec. 9 letter to BlackRock’s board of directors, he called for the firm’s CEO, Larry Fink, to “resign or be removed” from his position.

Folwell argued that BlackRock’s focus on “environmental, social and corporate governance” (ESG) under Fink’s leadership runs contrary to its fiduciary duty—in other words, its legal obligation to serve its clients’ best interests.

Those many clients include the North Carolina Retirement System, for which Folwell serves as sole fiduciary. Of the $111.4 billion fund, $14 billion is presently managed by BlackRock, according to the letter.

ESG is an investment philosophy that aims to embed particular values—for example, concern about climate change—into the financial system. Its conservative critics argue that it distorts the economy by privileging politically correct sentiment over the hard realities of the market.

Folwell warned that Fink’s “pursuit of a political agenda has gotten in the way of BlackRock’s same fiduciary duty.”

“A focus on ESG is not a focus on returns and potentially could force us to violate our own fiduciary duty,” he added—a broad hint, perhaps, at a potential future willingness to divest from the asset manager.

Florida’s divestment from BlackRock isn’t the only such move in the last several months.

Under Missouri’s Republican Attorney General Eric Schmitt, now the Show Me State’s senator-elect, millions in Missourians’ retirement dollars were taken out of BlackRock’s hands.

By Nathan Worcester

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Remember Epstein’s “Little Black Books”?

Image of Bill Clinton getting a massage from Jeffrey...

On the Major League’s periphery: A major trip through the minors

For Nick Dunn, the trek through the minors is a trifecta of physical, mental, and organizational hurdles filled with politics, roster volatility, and injuries.

Private Citizens are Now Looking into Epstein Client List

Most Americans have never felt so betrayed and confused by a president and his admin as they are by the Trump admin over the Epstein client list issue.

Peace In Ukraine Won’t End The West’s Hybrid War On Russia

The West’s Hybrid War on Russia to follow peace in Ukraine is inevitable due to neoconservatives and liberal-globalists in its decision-making ecosystem.

Epstein Case Closed?

The DOJ and FBI announced on Sunday evening of the July 4th holiday weekend that Jeffry Epstein had no client list and didn’t kill himself in prison.

Federal Judge Blocks Trump’s Birthright Citizenship Order After Supreme Court Ruling

Judge barred Trump admin from enforcing EO limiting birthright citizenship, after Supreme Court restricted judges from issuing nationwide injunctions.

California Might Stop Making Necessary Debt Payments for 2 Years

California State Legislature met the budget submission deadline and it was signed by the governor, but they still need to cut $12 billion in spending.

MP Materials Secures Rare Earths Deal With DOD, Shares Surge 50 Percent

MP Materials Corp. announced a public-private partnership with the DOD to build out rare earth magnet supply chain and reduce dependency on China.

Ex-CIA Director Brennan Says DOJ Hasn’t Contacted Him About an Investigation

Former CIA Dir Brennan said he hasn't been contacted by DOJ, FBI, or CIA following reports he and former FBI Dir. Comey are under investigation.

Trump Says US Has Struck Deal With NATO to Supply Weapons to Ukraine

President Donald Trump said on July 10 that he has struck a new deal with NATO under which the United States will supply weapons to Ukraine

RFK Jr. Bans Illegal Immigrants From Government-Funded Programs

HHS Sec. Robert F. Kennedy Jr. is rescinding a 1998 interpretation of a law that allowed illegal immigrants to access certain government-funded programs.

Rubio Set to Visit Malaysia for ASEAN Meetings Amid Tariff Tensions

A delegation including U.S. Sec. of State Marco Rubio will travel to Kuala Lumpur, Malaysia, for series of high-profile meetings between July 11 and 12.

US Will Collect More Than $300 Billion in Tariff Revenues This Year, Treasury Secretary Says

U.S. is on track to potentially raise “well over $300 billion” in tariff income by end of the year, Treasury Sec. Scott Bessent said during WH Cabinet meeting.
spot_img

Related Articles