Florida divesting $2 billion from BlackRock over firm's ESG push [FOX Business Network]
BlackRock, Inc. (BLK)
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Source: FOX Business Network
Florida is divesting from investment giant BlackRock , becoming the latest state to pull assets from the firm over its environment, social, and governance (ESG) policies. The Sunshine State's chief financial officer, Jimmy Patronis, announced Thursday that the Florida Treasury would immediately begin removing roughly $2 billion in assets from BlackRock's control in a process that should be completed by year's end. "Using Florida's cash to fund BlackRock's social-engineering project isn't something we signed up for," Patronis tweeted in making the announcement. "It's got nothing to do with maximizing returns and is the opposite of what an asset manager is paid to do." "Whether stakeholder capitalism, or ESG standards, are being pushed by BlackRock for ideological reasons, or to develop social credit ratings, the effect is to avoid dealing with the messiness of democracy," Patronis said in a separate statement. "I think it's undemocratic of major asset managers to use their power
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