West Virginia Treasury Drops BlackRock Over Stance on Climate Risk
The State Treasurer is putting ESG in the political crosshairs by divesting from an asset manager based on its environmental and sustainable approach to investing.
On Monday, hours before BlackRock chief executive officer Larry Fink released his annual letter to CEOs, West Virginia State Treasurer Riley Moore announced the news.
West Virginia’s Board of Treasury Investments, which manages $8 billion in state operating funds, has dropped BlackRock money market funds from its portfolio, citing concerns over the firm’s focus on environmental, social, and governance investing. The Board of Treasury also cited BlackRock’s holdings in Chinese companies for its decision.
“Any company that thinks Communist China is a better investment than West Virginia energy or American capitalism clearly has a bad strategy,” State Treasurer Riley Moore said in a statement.
Source: https://www.institutionalinvestor.com/article/b1wd14spzlh7xz/West-Virginia-Treasury-Drops-BlackRock-Over-Stance-on-Climate-Risk & https://www.fundfire.com/c/3469444/441714/managers_face_growing_resistance_climate_policies_from_states