BlackRock Inc., the company targeted in Oklahoma for its anti-ESG policies that discriminate against the state’s oil and gas industry, announced this week a reduction of its support for shareholder environmental and social plans.
The company maintains many of the efforts don’t have merit and at the same time are harming long-term financial interests and not doing much to improve companies.
Bloomberg reports BlackRock, known as the world’s biggest asset manager, supported only 4% of the 493 proposals from shareholders over the past year….down from the 7% support in the previous year.
BlackRock’s name has grabbed headlines in the past two years after being put on the list of financial firms boycotted by Oklahoma state institutions and pension systems, a list maintained by State Treasurer Todd Russ. But his efforts to enforce the Oklahoma Energy Discrimination Elimination Act adopted in 2022 were challenged in a lawsuit and an Oklahoma County District Judge last month suspended the Act.
Click here for Bloomberg