Utah’s state treasurer, Marlo Oaks says this is due to BlackRock pushing an environmental and social agenda instead of bringing the best financial return to state taxpayers.
Utah's state treasurer has joined treasurers in other red states in challenging financial firms over their environmental and social agendas.Utah’s state treasurer, Marlo Oaks, has moved about $100 million in state money previously managed by theto different asset managers. BlackRock, he said, has been pushing an environmental and social agenda instead of bringing the best financial return to state taxpayers.
A BlackRock representative declined to comment on Oaks’ assertions, as per company policy. But BlackRock has faced similar complaints in other GOP-dominated states, and the company has said its efforts are driven by clients who want a long-term investment outlook. More than half of the assets BlackRock manages are held by pension funds that have long-term investment goals.
“However, the Utah State Retirement Board continually monitors the performance of our investment managers and makes changes as necessary,” Holland said. “We consider all material risk and return factors.” But ESG’s defenders say the financial firms and credit rating agencies are answering a demand from the market to shift away from those industries. Advisers at the global management consulting firm McKinsey wroteconsider ESG. “Although valid questions have been raised about ESG, the need for companies to understand and address their externalities is likely to become essential to maintaining their social license.
“ESG emerged from a demand in the market for more transparency about climate, social, and governance risks corporations face going forward. The analysis has also been applied to state bonds, but major ratings agencies have yet to penalize any state bond ratings for perceived ESG shortcomings. I have not seen any indication that ‘woke ideology’ is forcing ESG ratings on a market that does not want them.”puts it in the middle with most states.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Utes football leaves non-conference season with plenty of lessons — and some concernsThe non-conference season is over. The No. 7 Utes (2-1) will now start preparations for their Pac-12 schedule
Read more »
Serra football team uses strong 2nd half to beat Oaks ChristianRB Cincere Rhaney leads Serra, rushing for more than 200 yards
Read more »
Thousand Oaks football tops Oak Park, stays unbeatenCoach Yabu’s energy is helping to power the Lancers.
Read more »
Utah man is stalking neighbor by flipping her off, protesting her teen-treatment business, judge rulesGeorge Fishler has flipped off his neighbor and posted yard signs protesting her teen-treatment business next door for nearly a decade. A judge recently ruled this amounted to stalking.
Read more »
‘Extraordinary’ pile of prehistoric puke found in Utah uncovers new ancient animal behavior“It’s pretty exciting,” state paleontologist James Kirkland said, noting that the discovery will “fill out a lot of information for what we think was going on in Utah during the upper-Jurassic [period].”
Read more »
'Sanpete Kindness': Utah woman starts nonprofit to inspire hope after losing son to suicideThey’re popping up more and more through some rural central Utah communities lately — inspirational messages of hope, like 'You Can Do This,' 'Tomorrow Matters,' and other uplifting thoughts.
Read more »