{"id":1674761,"date":"2022-10-05T17:34:42","date_gmt":"2022-10-05T21:34:42","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1674761"},"modified":"2022-10-05T17:34:59","modified_gmt":"2022-10-05T21:34:59","slug":"louisiana-becomes-latest-state-to-reject-woke-investing-will-divest-800-million-from-blackrock","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/louisiana-becomes-latest-state-to-reject-woke-investing-will-divest-800-million-from-blackrock\/","title":{"rendered":"Louisiana Becomes Latest State To Reject Woke Investing, Will Divest $800 Million From BlackRock"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Flouisiana-becomes-latest-state-to-reject-woke-investing-will-divest-800-million-from-blackrock%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1674761&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/louisiana\" target=\"_blank\" rel=\"noopener\">Louisiana<\/a> State Treasurer John Schroder announced on Wednesday that the Pelican State would divest nearly $800 million in funds from asset management company <a href=\"https:\/\/www.dailywire.com\/topic\/blackrock\" target=\"_blank\" rel=\"noopener\">BlackRock<\/a>.<\/p>\n<p>In a letter to BlackRock CEO Larry Fink, the official explained that environmental, social, and governance (<a href=\"https:\/\/www.dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>) investing violates Louisiana state law on fiduciary duties, which require \u201ca sole focus on financial returns for the beneficiaries of state funds.\u201d Other conservative states have made similar decisions in recent months.<\/p>\n<p>\u201cThis divestment is necessary to protect Louisiana from mandates BlackRock has called for that would cripple our critical energy sector,\u201d Schroder explained in a press release provided to The Daily Wire. \u201cI refuse to spend a penny of Treasury funds with a company that will take food off tables, money out of pockets and jobs away from hardworking Louisianans.\u201d<\/p>\n<p>The state of Louisiana has already pulled $560 million from BlackRock and intends to continue strategically divesting until a total of $794 million is removed from the company. Schroder noted in his letter that comments made during his recent meeting with BlackRock representatives \u201ccontradicted most of the public messaging\u201d he has heard Fink advance in the media.<\/p>\n<p>Indeed, Fink wrote in his most recent letter to chief executives that \u201cclimate risk is investment risk.\u201d BlackRock, which manages $8.5 trillion in client assets, has taken \u201cvoting action on climate issues\u201d against 53 of its portfolio companies in 2020 while putting 191 others \u201con watch,\u201d according to its investment stewardship <a href=\"https:\/\/www.blackrock.com\/corporate\/literature\/publication\/our-commitment-to-sustainability-full-report.pdf\">report<\/a>.<\/p>\n<p>\u201cThis divestment is necessary to protect Louisiana from actions and policies that would actively seek to hamstring our fossil fuel sector,\u201d Schroder told Fink. \u201cIn my opinion, your support of ESG investing is inconsistent with the best economic interests and values of Louisiana. I cannot support an institution that would deny our state the benefit of one of its most robust assets. Simply put, we cannot be party to the crippling of our own economy.\u201d<\/p>\n<p>The divestment follows a recent <a href=\"https:\/\/www.dailywire.com\/news\/texas-cuts-ties-with-blackrock-other-woke-firms-over-their-hatred-for-fossil-fuels\">analysis<\/a> from Texas Comptroller Glenn Hegar, which found that BlackRock and nine other firms have violated state law by \u201crefusing to deal with\u201d or \u201cterminating business activities with\u201d companies involved in the production and use of fossil fuels \u201cwithout an ordinary business purpose.\u201d<\/p>\n<p>In comments provided to The Daily Wire, State Financial Officers Foundation CEO Derek Kreifels noted that other states \u2014 including Utah, West Virginia, and Arkansas \u2014 have likewise rejected the \u201cweaponized\u201d ESG movement. \u201cTheir reckless agenda is robbing Americans of their retirement dollars and driving up the costs of everyday goods like groceries, gas, and energy,\u201d he asserted.<\/p>\n<p>Amid state governments\u2019 moves to spurn ESG investment, the Securities and Exchange Commission (<a href=\"https:\/\/www.dailywire.com\/topic\/securities-and-exchange-commission\" target=\"_blank\" rel=\"noopener\">SEC<\/a>) is developing requirements that would force companies to report the material impact climate change presents to operations, the impact of \u201cclimate-related events\u201d such as severe weather on transaction activities, and risk management processes used to mitigate climate risk.<\/p>\n<p>A recent <a href=\"https:\/\/www.dailywire.com\/news\/behind-the-scenes-most-executives-actually-hate-woke-investing-survey\">poll<\/a> from CNBC showed that a mere 25% of chief financial officers support the policy, largely due to a lack of connection between the costs their businesses would incur by submitting the disclosures and the generation of profits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Louisiana State Treasurer John Schroder announced on Wednesday that the Pelican State would divest nearly $800 million in funds from asset management company BlackRock. In a letter to BlackRock CEO Larry Fink, the official explained that environmental, social, and governance (ESG) investing violates Louisiana state law on fiduciary duties, which require \u201ca sole focus on &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1635363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1674761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1674761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1674761"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1674761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1635363"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1674761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1674761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1674761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}