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24 pension fund officials demand BlackRock disclose its political activity and cut off any lawmakers that opposed Biden s certification as president
24 pension fund officials demand BlackRock disclose its political activity and cut off any lawmakers that opposed Biden s certification as president
Kate DuffyJan 28, 2021, 20:17 IST
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.
Public funds press BlackRock on political spending
Getty Images
Nearly two dozen fiduciaries of public retirement plans and others expressed concern over BlackRock s internal practices and stewardship stances on companies political spending and lobbying activity.
In a letter to BlackRock Chairman and CEO Laurence Fink, the state treasurers and trustees of public pension funds and retirement savings with a collective $1 trillion in assets said the events of Jan. 6 that included an assault on the U.S. Capitol add greater urgency to concerns and expectations regarding corporate political spending and lobbying transparency and practices.
The signatories call for BlackRock to reform its own corporate practices and to set a leading example, not to set out those practices for others and then follow outdated norms of transparency.