A consumer-advocacy organization opposed to environmental, social and governance investing practices is taunting BlackRock over the cease-and-desist order issued Tuesday by Mississippi related to its ESG investment approach.
Consumers’ Research is posting billboards outside of BlackRock’s New York City headquarters Thursday morning, National Review has learned. Images of the billboards obtained by National Review show BlackRock CEO Larry Fink holding the order from Mississippi and question whether BlackRock is guilty of fraud.
“When Larry Fink walks into work this morning, he’ll see a billboard outside his office reminding him what happens when you play politics with other people’s money and try and hide it,” Consumers’ Research executive director Will Hild told National Review.
“BlackRock has abused the hard-earned savings of the American people, using their money to push a far-left extremist agenda without their knowledge or permission. Secretary of State Watson deserves immense credit for defending the people of Mississippi from BlackRock’s deceptive behavior and Larry Fink’s delusional God complex. Enjoy the view, Larry!”
The billboards link to an anti-BlackRock website created by Consumers’ Research warning consumers of the risks of having BlackRock as a money manager. Fink’s support for progressive policy goals and business activity in China are highlighted by the website. BlackRock oversees over $10 trillion worth of assets, making it the world’s largest asset manager.
Mississippi is accusing BlackRock of repeatedly misleading investors on its ESG investment strategies. The states’s claim is based on BlackRock’s carbon-emissions commitments, political lobbying and shareholder proxy votes.
“BlackRock has made and continues to make untrue statements of material fact, and to omit material facts to make its statements not misleading, to investors and potential investors in Mississippi,” the cease-and-desist order reads.
“These misrepresentations pertain to BlackRock’s provision of investment services, especially its involvement in pushing Environmental, Social, and Governance (‘ESG’) factors on portfolio companies. Additionally, many of BlackRock’s acts, practices, and courses of business operate or would operate as a fraud or deceit upon investors and potential investors in Mississippi.”
BlackRock strongly denies Mississippi’s allegation and insists it is simply serving its clients, the firm previously told NR. National Review has reached out for further comment.
“Many policymakers and government officials have ideas on how we should invest our clients’ assets. We are always bound to invest consistent with our clients’ choices, their best financial interests, and applicable law,” BlackRock said.
“Our only agenda is maximizing risk-adjusted returns for the funds our clients choose to invest in. We operate in one of the most highly regulated industries in the country and are committed to following the law in every respect.”