• Gustavo Bernal Torres

EU Watchdog Warns of Risks after BlackRock Appointed as ESG Advisor

According to a ruling by the European Union’s watchdog, BlackRock's links with the fossil fuel industry and banks create potential conflicts of interest to fulfill the ESG mandate-

  • In March, the Commission awarded BlackRock’s Financial Markets Advisory arm a mandate to help incorporate environmental, social and governance factors into European banking rules.

  • According to the ruling, the EU’s executive body “did not provide sufficient guarantees to exclude any legitimate doubt” of potential conflicts of interest when it hired the world’s largest asset-management firm. The decision has no legal power to force the Commission to cancel the mandate but may pressure the body to do so.

Source: https://fortune.com/2020/11/25/esg-blackrock-appointment-european-commission/

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