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Missouri is the latest state to push back against investment companies over so-called ESG 'concerns' [1]

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Date: 2022-10-18

Missouri State Treasurer Scott Fitzpatrick joins GOP officials in Louisiana, Texas, and West Virginia pushing back on financial firms they believe are unfairly targeting oil and gas companies.

Missouri State Treasurer Scott Fitzpatrick announced on Tuesday that the state had pulled $500 million worth of pension funds from BlackRock. The decision to sell BlackRock-managed funds came after a series of Missouri State Employees’ Retirement System’s (MOSERS) Board of Trustees meetings in which the board and Fitzpatrick targeted BlackRock. BlackRock was doomed from the start, as the board held a meeting whose agenda included a presentation on environmental, social, and governance (ESG) concerns featuring prominent critics of the investment strategy who—like Fitzpatrick—dismissed ESG as “a woke political agenda.”

The Sierra Club was downright puzzled by Fitzpatrick’s actions given the fact that, on the same day the treasurer made his announcement, BlackRock told the U.K. Parliament that it would continue investing in the fossil fuel industry. “BlackRock continues to be a major financier of fossil fuels, and it isn’t doing nearly enough to address the destructive impacts of its investments,” Sierra Club Missouri Chapter’s political director, Michael Berg, said in a statement. “At the end of the day, when states cut off financial firms to score political points, the real impact is felt by the taxpayers and retirees who bear the costs of these theatrics.”

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[1] Url: https://www.dailykos.com/stories/2022/10/18/2129772/-Missouri-is-the-latest-state-to-push-back-against-investment-companies-over-so-called-ESG-concerns

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