19 Attornies General remind Blackrock of their financial obligation to the shareholder

19 Attornies General remind Blackrock of their financial obligation to the shareholder

Dear Mr. Fink:

BlackRock’s Chief Client Officer, Mark McCombe, recently wrote a letter to many of our states describing BlackRock’s position on energy investments with respect to our pension funds. Mr. McCombe’s letter contains many statements that appear to conflict with BlackRock’s previous public statements and commitments.
Based on the facts currently available to us, BlackRock appears to use the hard-earned money of our states’ citizens to circumvent the best possible return on investment, as well as their vote. BlackRock’s past public commitments indicate that it has used citizens’ assets to pressure companies to comply with international agreements such as the Paris Agreement that force the phase-out of fossil fuels, increase energy prices, drive inflation, and weaken the national security of the United States. These agreements have never been ratified by the United States Senate. The Senators elected by the citizens of this country determine which international agreements have the force of law, not BlackRock. We have several additional concerns that fall under our jurisdictional authority as attorneys general.  Read full letter.

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