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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ohio State coach Ryan Day hopeful for Jaxon Smith-Njigba to return against Arkansas StateOhio State coach Ryan Day gave an update on star receiver Jaxon Smith-Njigba before the Arkansas State game.
Read more »
Arizona State bracing for hostile environment at Oklahoma StateCoach Herm Edwards said his team will be ready for a loud crowd Saturday when the Sun Devils visit No. 10 Oklahoma State.
Read more »
Xi and Putin to meet face-to-face next week, Russian envoy says: state mediaChinese leader Xi Jinping and Russian President Vladimir Putin will meet on the sidelines of a summit in Uzbekistan next week, Russia's envoy to Beijing Andrey Denisov told reporters on Wednesday, according to Russian state news agency Tass.
Read more »
Reminder: First public hearing tomorrow for I-10 improvements between Loop 202 and State Route 387
Read more »