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The fallout from the violence at the U.S. Capitol continues to reverberate far beyond politics. In the business sector, companies are taking actions that make clear that free and fair elections and the peaceful transfer of power lie not only at the heart of our constitutional democracy, but are also core values of American business. For corporations and trade associations that have traditionally engaged in the political space by maintaining a political action committee (PAC), the current moment presents new challenges for staying involved in social and political issues without being seen as endorsing officials who invited the Capitol violence through their words and conduct.
Institutional Investors Demand Political Transparency from BlackRock
State treasurers and public pension funds say they fear an erosion of political stability after the attack on US Capitol.
Concerned with “the erosion of political stability” in the United States, a group of state treasurers and public pension funds overseeing more than $1 trillion are demanding BlackRock provide more transparency regarding the political contributions made by the world’s largest asset manager and its portfolio companies.
The group of institutional investors includes the state treasurers of Illinois, Massachusetts, Colorado, Oregon, Maryland, and Maine, as well as pension fund giants the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS), among others. They made their demands in a letter to BlackRock CEO Larry Fink that was in response to the Jan. 6 assault on the US Capitol building by an angry mob seeking to keep then-
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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. Larry Fink, CEO of BlackRock. Jonathan Wong/South China Morning Post via Getty Images
More than 20 state treasurers and trustees of public pension funds have demanded BlackRock disclose its political activity.
During the election cycle, the asset manager paid $85,000 to 15 Republicans who later denied the results, per a Bloomberg report.
The signatories, in a letter to CEO Larry Fink, said BlackRock had failed to demonstrate leadership in its own practices or in its role as a top shareholder.
Two-dozen officials from public pension funds sent a letter to BlackRock on Monday, demanding the company disclose its political activity in the wake of the US Capitol riots on January 6.