From WSJopinion: The Big Three asset managers use their vast economic clout to push a social and political agenda that many Americans don’t support and never voted for. It’s a usurpation of their political rights, write Jed Rubenfeld and William P. Barr.
opinions didn’t make headlines but have seismic implications: They suggest that state pension-fund board members, investment staff and investment advisers may be liable if they continue allocating funds to ESG-promoting asset managers such as BlackRock.
Mr. Landry has a point. BlackRock has an enormous stake in PetroChina, reporting holdings of between one trillion and two trillion shares, representing between 5% and 10% ownership, from 2018-22. If Mr. Landry’s allegations are correct, BlackRock’s ESG-based promotion of oil production cutbacks at Exxon might have been a staggering conflict of interest.
By putting pension trustees on notice that the Big Three are “likely” violating their fiduciary duties, Messrs. Landry and Rokita are warning that continued investment with those firms may subject pension board members, staffers and registered investment advisers to personal liability.
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