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Missouri on Tuesday became the latest state to pull its investments from BlackRock because of the company’s environmental and social priorities.
The Missouri State Employees’ Retirement System sold $500 million in public equities managed by BlackRock, Treasurer Scott Fitzpatrick told Fox Business. Missouri joins a growing list of Republican-led states that have quit BlackRock and other banks over its environmental, social and governance initiatives.
READ: Missouri attorney general joins investigation of six woke banks
“This is the right thing to do for Missouri state employees who rely on the assets managed by MOSERS for their retirement,” he said. “Fiduciary duty must remain the top priority for investment managers — a duty some of them have abdicated in favor of forcing a leftwing social and political agenda that has failed to succeed legislatively, on publicly traded companies.
“We should not allow asset managers such as BlackRock, who have demonstrated that they will prioritize advancing a woke political agenda above the financial interests of their customers, to continue speaking on behalf of the state of Missouri. It is past time that all investors recognize the massive fiduciary breach that is taking place before our eyes and do something about it.”
Fitzpatrick added that MOSERS has an obligation to manage its assets in a way that prioritizes providing maximum returns for retirees and taxpayers, not forwarding leftwing policies. He said he would continue to prevent tax dollars from being weaponized against state taxpayers.
BlackRock and other major financial institutions such as State Street and Vanguard have spearheaded an effort to promote ESG standards over the last several years. The ESG movement broadly seeks to promote a green energy transition and leftwing social priorities through the financial sector. Republican states and groups such as the State Financial Officers Foundation have waged a war against the ESG movement, arguing it is anti-democratic and harms taxpayers by pushing investments that don’t result in maximum earnings for consumers.
“Missouri State Treasurer Fitzpatrick is taking decisive action to protect the people of Missouri by divesting pension funds from BlackRock, who has weaponized ESG by pushing radical climate and social policies under the guise of an investment strategy,” said Derek Kreifels, CEO of the foundation. “BlackRock’s reckless agenda is robbing Americans of their retirement dollars and driving up costs from the gas pump to the grocery store.”
Fitzpatrick in the Republican candidate for state auditor in the November election.
–Alan Goforth | Metro Voice News
