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US Senators Raise Concerns Over BlackRock’s Investment Practices

13.08.2023
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A recent letter signed by 19 US senators, dated August 4, 2022, has brought to light concerns over investment giant BlackRock’s fiduciary responsibilities and potential conflicts of interest. The senators question whether BlackRock is prioritizing its climate agenda over the interests of US pensioner retirement funds, as reported in the accessible document.

The senators emphasized that under US law, fiduciaries must act in the best interests of their clients and uphold principles of good faith and trust. The letter accuses BlackRock of potentially circumventing optimal returns on investments and influencing votes using citizens’ hard-earned money across different states.

The document highlights a letter from BlackRock’s Chief Client Officer, Mark McCombe, addressed to various US state officials. In the letter, McCombe outlined the company’s position on energy investments concerning pension funds. However, the senators find inconsistencies between McCombe’s statements and BlackRock’s previous positions.

Notable signatories of the letter include Mark Brnovich, the Attorney General of Arizona, Steve Marshall, the Attorney General of Alabama, and Ken Paxton, the Attorney General of Texas.

The senators express skepticism regarding BlackRock’s public commitment to combat climate change and its goal to achieve net-zero emissions across all assets under management by 2050. The government officials suspect that BlackRock’s stance could be a smokescreen to advance its preferred climate policies while advocating for a net-zero future.

The letter points out that BlackRock’s actions are not unprecedented, which is why many US states mandate fiduciaries to verify relevant investment facts. The senators highlight the importance of ensuring that fiduciaries prioritize accurate information for the benefit of investors.

Citing the International Energy Agency, the senators further underscore that several governments’ pledges to achieve net-zero emissions lack the robust and credible policies to bring these commitments to fruition. The Agency’s statement suggests that many promises lack the necessary concrete steps for implementation.

The senators also emphasize their authority, deriving from their election by US citizens, asserting that their decisions carry the “force of law.” This statement reminds that financial institutions like BlackRock should not overshadow their role in safeguarding citizens’ interests.

In conclusion, the senators’ letter raises crucial questions about BlackRock’s investment practices, fiduciary responsibilities, and alignment with climate goals. As these concerns come to the forefront, investors and stakeholders await further developments to shed light on the implications of these allegations.

The post US Senators Raise Concerns Over BlackRock’s Investment Practices appeared first on BitcoinWorld.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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