BlackRock’s Larry Fink omits 'ESG' from annual letter after recent GOP blowback

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BlackRock’s Larry Fink omits 'ESG' from annual letter after recent GOP blowback
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.BlackRock CEO Larry Fink's much-anticipated annual letter deemphasized talk about the climate and said that companies aren't “the environmental police,' a notable shift from the tone in recent years that has made him a top target of conservatives.

BlackRock CEO Larry Fink's much-anticipated annual letter deemphasized talk about the climate and said that companies aren't “the environmental police," a notable shift from the tone in recent years that has made him a top target of conservatives.

Fink also spoke about BlackRock’s “Voting Choice” initiative that enables all U.S. public and private pension plans, in addition to endowments, insurance companies, and sovereign wealth funds, to engage in the proxy voting process. “I expect that number will continue to rise. But as I have said consistently over many years now, it is for governments to make policy and enact legislation, and not for companies, including asset managers, to be the environmental police,” Fink said.

“Investing for the long term requires taking a long-term view of what will impact returns, including demographics, government policy, technological advancements, and the transition to a low-carbon economy,” Fink said. Late last year, Florida’s chief financial officer said the state would divest some $2 billion from the money manager, the largest such state divestment from BlackRock yet over its stance on environmental and social goals.

During an interview with Bloomberg during the World Economic Forum in Switzerland, Fink addressed the GOP attacks.

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