{"id":478,"date":"2022-11-01T18:09:56","date_gmt":"2022-11-01T18:09:56","guid":{"rendered":"https:\/\/gunsandpride.com\/?p=478"},"modified":"2022-11-01T18:09:56","modified_gmt":"2022-11-01T18:09:56","slug":"states-pulling-hundreds-of-billions-in-retirement-funds-from-woke-capitalist-esg-investment-management-firms","status":"publish","type":"post","link":"https:\/\/gunsandpride.com\/?p=478","title":{"rendered":"States Pulling Hundreds of Billions in Retirement Funds from &#8216;Woke Capitalist&#8217; ESG Investment Management Firms"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><a href=\"https:\/\/cdn0.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-scaled.jpg\" data-caption=\"BlackRock CEO Larry Fink (AP Photo\/Seth Wenig)\"><noscript><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"464\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/cdn0.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-696x464.jpg\" srcset=\"https:\/\/cdn0.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-696x464.jpg 696w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-300x200.jpg 300w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-700x467.jpg 700w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-768x512.jpg 768w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-1536x1024.jpg 1536w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-2048x1365.jpg 2048w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-150x100.jpg 150w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-1068x712.jpg 1068w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-1920x1280.jpg 1920w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-630x420.jpg 630w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/AP18269832295809-560x373.jpg 560w\" sizes=\"auto, (max-width: 696px) 100vw, 696px\" alt=\"Larry Fink\" title=\"Larry Fink\"\/><\/noscript><\/a><figcaption class=\"wp-caption-text\">BlackRock CEO Larry Fink (AP Photo\/Seth Wenig)<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-next-post-navi\">\n<p>\nNext Post Coming Soon&#8230;\u25b6\n<\/p>\n<\/div>\n<p>On Tuesday, Oct. 18<sup>th<\/sup>, Missouri Attorney General Scott Fitzpatrick\u00a0<strong><a href=\"https:\/\/www.dailysignal.com\/2022\/10\/18\/massive-fiduciary-breach-missouri-pulls-500m-worth-of-pension-funds-from-blackrocks-control\/\" target=\"_blank\" rel=\"noopener\">divested<\/a><\/strong> $500 million in assets managed by the massive investment management firm BlackRock on behalf of the Missouri State Employees\u2019 Retirement System (MOSERS). AG Fitzpatrick <strong><a href=\"https:\/\/treasurer.mo.gov\/newsroom\/news-and-events-item?pr=80669a5f-5c6b-491f-a0f0-6abe4c012604\" target=\"_blank\" rel=\"noopener\">criticized<\/a><\/strong>\u00a0BlackRock\u2019s blind commitment to environmental, social, and governance (ESG) principles, noting that \u201cfiduciary duty must remain the top priority for investment managers\u2014a duty some of them have abdicated in favor of forcing a left-wing social and political agenda that has failed to succeed legislatively, on publicly traded companies.\u201d<\/p>\n<p>A relatively new group, the State Financial Officers Foundation (SFOF), has also taken action against ESG-obsessed investment management firms and strategies. South Carolina\u2019s treasurer Curtis Loftis said he would remove $200 million of state retirement funds from BlackRock control by December.<\/p>\n<p>Louisiana\u2019s treasurer John Schroder told\u00a0<a href=\"https:\/\/www.ft.com\/content\/41de28af-a487-473e-bc17-5e8cb71f4ced\" target=\"_blank\" rel=\"noopener\"><strong><em>Financial Times<\/em><\/strong><\/a>\u00a0that he would divest $794 million from BlackRock as well. Additionally, Utah and Arkansas committed to pull $100 million and $125 million, respectively, from BlackRock over concerns that the firm prioritizes ESG principles over sound fiduciary management of state funds.<\/p>\n<p>Utah\u2019s State Treasurer Marlo Oaks said, \u201cWe need to ensure that the money is not being used to drive a separate agenda different from our obligation\u201d to maximize benefits to Utah residents, not left-wing climate agendas.<\/p>\n<h3><strong>Legal Look<\/strong><\/h3>\n<p>The ESG pushback doesn\u2019t end there. In early August, 19 state attorneys general (AG) sent a joint\u00a0<a href=\"https:\/\/www.texasattorneygeneral.gov\/sites\/default\/files\/images\/executive-management\/BlackRock%20Letter.pdf\" target=\"_blank\" rel=\"noopener\"><strong>letter<\/strong><\/a>\u00a0to BlackRock CEO Larry Fink voicing similar concerns that the company\u2019s ESG agenda hampers its ability to deliver a maximum return on investment (ROI) for its shareholders.<\/p>\n<p>Given BlackRock\u2019s substantial influence in the investment management industry, state-level officials describe the firm\u2019s wholesale commitment to leftist ideals as antidemocratic, irresponsible, opportunistic and possibly even illegal under various state laws.<\/p>\n<figure id=\"attachment_533076\" aria-describedby=\"caption-attachment-533076\" style=\"width: 768px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-533076 size-full\" alt=\"\" width=\"768\" height=\"427\" srcset=\"https:\/\/cdn0.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart.jpg 768w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-300x167.jpg 300w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-700x389.jpg 700w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-150x83.jpg 150w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-696x387.jpg 696w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-755x420.jpg 755w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-560x311.jpg 560w\" data-lazy-sizes=\"(max-width: 768px) 100vw, 768px\" src=\"https:\/\/cdn0.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart.jpg\"\/><noscript><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-533076 size-full\" src=\"https:\/\/cdn0.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart.jpg\" alt=\"\" width=\"768\" height=\"427\" srcset=\"https:\/\/cdn0.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart.jpg 768w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-300x167.jpg 300w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-700x389.jpg 700w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-150x83.jpg 150w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-696x387.jpg 696w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-755x420.jpg 755w, https:\/\/www.thetruthaboutguns.com\/wp-content\/uploads\/2022\/10\/nssf-chart-560x311.jpg 560w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\"\/><\/noscript><figcaption id=\"caption-attachment-533076\" class=\"wp-caption-text\">Nineteen state attorneys general sent a joint letter to BlackRock CEO Larry Fink voicing concerns about the company\u2019s ESG agenda.<\/figcaption><\/figure>\n<p>\u201cRather than being a spectator betting on the game,\u201d the AGs write, \u201cBlackRock appears to have put on a quarterback jersey and actively taken the field. As a firm, BlackRock has committed to implementing an ESG engagement and voting strategy across all assets under management, and held over 2,300 company engagements on climate, the most of any category of engagement.\u201d<\/p>\n<h3><strong>Targeting the Firearm Industry<\/strong><\/h3>\n<p>The firearm industry is no stranger to corporate liberalism run amuck. The past few years saw some of the nation\u2019s largest banks and financial institutions generate <a href=\"https:\/\/www.thetruthaboutguns.com\/corporate-gun-control-citigroup-ceo-says-bank-just-wants-to-keep-guns-out-of-wrong-peoples-hands\/\" target=\"_blank\" rel=\"noopener\">\u201cwoke\u201d policies<\/a> targeting firearm and ammunition manufacturers. Specifically, JPMorgan Chase, Citigroup, <a href=\"https:\/\/www.thetruthaboutguns.com\/bank-of-america-sells-out-gun-owners-again-still\/\" target=\"_blank\" rel=\"noopener\">Bank of America<\/a>, and Wells Fargo have\u00a0all adopted <a href=\"https:\/\/www.nssf.org\/articles\/waking-up-to-woke-corporate-discrimination\/?hilite=bank+america\" target=\"_blank\" rel=\"noopener\"><strong>discriminatory policies<\/strong><\/a> unfairly denying financial services\u00a0to firearm-related businesses simply because they don\u2019t like the overwhelmingly popular firearms that these American companies lawfully make.<\/p>\n<p>Like Blackrock, these banks have shirked their fiduciary responsibilities in favor of pressuring legal firearm manufacturers to not make, for example, modern sporting rifles (MSRs). The audacity for these companies to circumvent current law and roleplay as an elected lawmaker is as astounding as it is insulting.<\/p>\n<p>Even more recently, credit card companies American Express, Mastercard, and Visa announced in September that they would implement a\u00a0<a href=\"https:\/\/www.thetruthaboutguns.com\/gun-store-merchant-code-is-a-first-step-toward-watchlists-bans-and-an-illegal-registry\/\" target=\"_blank\" rel=\"noopener\"><strong>new<\/strong>\u00a0<strong>merchant code<\/strong><\/a>\u00a0that singles out individuals who make a purchase at any Federal Firearms Licensee (FFL.) A lot of Republicans and those in the firearm industry recognize this for what it is: financial institutions with woke boardrooms carrying water for progressives who are perfectly happy to vilify legal gun owners and American businesses through a<strong><a href=\"https:\/\/www.thetruthaboutguns.com\/major-credit-card-processors-agree-to-use-new-gun-store-transaction-code-to-track-purchases\/\" target=\"_blank\" rel=\"noopener\"> \u201cbig brother\u201d style surveillance operation<\/a><\/strong>.<\/p>\n<p>Dedicated AG\u2019s who sent the letter to Larry Fink, those state officials that make up the SFOF, and politicians like U.S. Sen. Kevin Cramer (R-N.D), who introduced the\u00a0<a href=\"https:\/\/www.nssf.org\/wp-content\/uploads\/2021\/05\/NSSF-factsheet-Financial-Discrimination.pdf\" target=\"_blank\" rel=\"noopener\"><strong>Fair Access to Banking Act<\/strong><\/a>, are making strides in fighting back against ESG and woke corporate boardrooms, but we ultimately need more lawmakers to realize that they cannot let corporations do their job for them and dictate laws to the American public.<\/p>\n<p>\u00a0<\/p>\n<p><em>Larry Keane is SVP for Government and Public Affairs, Assistant Secretary and General Counsel of the\u00a0<a href=\"https:\/\/www.nssf.org\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">National Shooting Sports Foundation<\/a>.<\/em><\/p>\n<p>\u00a0<\/p>\n<div class=\"wp-next-post-navi\">\n<p>\nNext Post Coming Soon&#8230;\u25b6\n<\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.thetruthaboutguns.com\/states-pulling-hundreds-of-billions-in-retirement-funds-from-woke-capitalist-esg-investment-management-firms\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BlackRock CEO Larry Fink (AP Photo\/Seth Wenig) Next Post Coming Soon&#8230;\u25b6 On Tuesday, Oct. 18th, Missouri Attorney General Scott Fitzpatrick\u00a0divested $500 million in assets managed by the massive investment management firm BlackRock on behalf of the Missouri State Employees\u2019 Retirement System (MOSERS). AG Fitzpatrick criticized\u00a0BlackRock\u2019s blind commitment to environmental, social, and governance (ESG) principles, noting [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-478","post","type-post","status-publish","format-standard","has-post-thumbnail","category-reviews"],"_links":{"self":[{"href":"https:\/\/gunsandpride.com\/index.php?rest_route=\/wp\/v2\/posts\/478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gunsandpride.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gunsandpride.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gunsandpride.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gunsandpride.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=478"}],"version-history":[{"count":0,"href":"https:\/\/gunsandpride.com\/index.php?rest_route=\/wp\/v2\/posts\/478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gunsandpride.com\/index.php?rest_route=\/wp\/v2\/media\/479"}],"wp:attachment":[{"href":"https:\/\/gunsandpride.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gunsandpride.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gunsandpride.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}