Utah’s state treasurer, Marlo Oaks says this is due to BlackRock pushing an environmental and social agenda instead of bringing the best financial return to state taxpayers.
Utah's state treasurer has joined treasurers in other red states in challenging financial firms over their environmental and social agendas.Utah’s state treasurer, Marlo Oaks, has moved about $100 million in state money previously managed by theto different asset managers. BlackRock, he said, has been pushing an environmental and social agenda instead of bringing the best financial return to state taxpayers.
A BlackRock representative declined to comment on Oaks’ assertions, as per company policy. But BlackRock has faced similar complaints in other GOP-dominated states, and the company has said its efforts are driven by clients who want a long-term investment outlook. More than half of the assets BlackRock manages are held by pension funds that have long-term investment goals.
“However, the Utah State Retirement Board continually monitors the performance of our investment managers and makes changes as necessary,” Holland said. “We consider all material risk and return factors.” But ESG’s defenders say the financial firms and credit rating agencies are answering a demand from the market to shift away from those industries. Advisers at the global management consulting firm McKinsey wroteconsider ESG. “Although valid questions have been raised about ESG, the need for companies to understand and address their externalities is likely to become essential to maintaining their social license.
“ESG emerged from a demand in the market for more transparency about climate, social, and governance risks corporations face going forward. The analysis has also been applied to state bonds, but major ratings agencies have yet to penalize any state bond ratings for perceived ESG shortcomings. I have not seen any indication that ‘woke ideology’ is forcing ESG ratings on a market that does not want them.”puts it in the middle with most states.
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