London-based activist investor Bluebell Capital is calling for BlackRock CEO Larry Fink to step down from the company over the alleged “hypocrisy” of its environmental, social, and governance (ESG) messaging.
in a letter sent to the firm’s board last month that was reviewed by DealBook:
On the former, the hedge fund said BlackRock had flip-flopped on whether to invest in companies involved in coal meant for energy production, including the mining giant Glencore, which moved to increase its production of thermal coal this year. Bluebell also said BlackRock declined to join its campaign to stop the Belgian chemical company Solvay from dumping soda ash into the Mediterranean Sea.
But Bluebell also said that “it is not BlackRock’s role to direct the public debate on climate and energy policies or to impose ideological beliefs on the corporate world.” The hedge fund said BlackRock’s E.S.G. push had become politicized and a distraction, as several Republican state officials have moved to withdraw funds from BlackRock in protest.DealBook, “BlackRock has become a source of E.S.G. risk,” and noted that Republicans across the country have started to take aim at BlackRock.
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