{"id":1685375,"date":"2022-10-12T12:26:06","date_gmt":"2022-10-12T16:26:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1685375"},"modified":"2022-10-12T12:27:48","modified_gmt":"2022-10-12T16:27:48","slug":"south-carolina-to-pull-final-200-million-from-leftist-blackrock-by-end-of-year","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-carolina-to-pull-final-200-million-from-leftist-blackrock-by-end-of-year\/","title":{"rendered":"South Carolina To Pull Final $200 Million From \u2018Leftist\u2019 BlackRock By End Of Year"},"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%2Fsouth-carolina-to-pull-final-200-million-from-leftist-blackrock-by-end-of-year%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=1685375&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\/south-carolina\" target=\"_blank\" rel=\"noopener\">South Carolina<\/a> State Treasurer Curtis Loftis intends to pull the state\u2019s remaining $200 million of holdings in asset management company <a href=\"http:\/\/dailywire.com\/topic\/blackrock\" target=\"_blank\" rel=\"noopener\">BlackRock<\/a> by the end of the year.<\/p>\n<p>Loftis is the latest of several conservative state officials to argue that environmental, social, and governance (<a href=\"https:\/\/www.dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>) investing represents an advancement of values not held by his constituents. \u201cI will not allow our financial partners to undermine my fiduciary responsibility to maximize investment returns while accepting a prudent level of risk for the benefit of our citizens,\u201d he said in a Monday <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/south-carolina-divest-blackrock-esg\">statement<\/a> to the Washington Examiner. \u201cIt is imperative that we stand up to BlackRock and resist the pressure to simply fall into line with their leftist worldview.\u201d<\/p>\n<p>The move follows the state of Louisiana announcing its <a href=\"https:\/\/www.dailywire.com\/news\/louisiana-becomes-latest-state-to-reject-woke-investing-will-divest-800-million-from-blackrock\">intentions<\/a> earlier this month to divest from BlackRock until a total of $794 million is removed from the company. Weeks earlier, the state of Texas said that BlackRock and nine other firms had <a href=\"https:\/\/www.dailywire.com\/news\/texas-cuts-ties-with-blackrock-other-woke-firms-over-their-hatred-for-fossil-fuels\">violated<\/a> 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>Companies that adopt ESG goals, often at the behest of asset managers such as BlackRock, may hire with respect to racial identity while deprioritizing merit, push green energy standards, or otherwise blend profits with progressive social and political agendas. Loftis said during an <a href=\"https:\/\/twitter.com\/TreasurerLoftis\/status\/1579894674063765504\">interview<\/a> with CNBC that many residents of the Palmetto State are unaware of the degree to which ESG investing opposes their values.<\/p>\n<p>\u201cPeople are shocked. The average person, smart people \u2014 they\u2019ve heard of ESG, but they don\u2019t know what it really means,\u201d he explained. \u201cThey see it as a betrayal. It\u2019s another group of institutions that have betrayed them, that have gone out and worked hard to advance ideology that they don\u2019t believe.\u201d<\/p>\n<p>BlackRock contended in a recent <a href=\"https:\/\/www.blackrock.com\/us\/individual\/literature\/press-release\/blackrock-response-attorneys-general.pdf\">letter<\/a> to state attorneys general that the officials inaccurately portray ESG as a departure from the maximization of profits, asserting that entities which assume a \u201cforward-looking position with respect to climate risk and its implications for the energy transition will generate better long-term financial outcomes.\u201d The firm, which manages $8.5 trillion in client assets, has taken \u201cvoting action on climate issues\u201d against dozens of its portfolio companies, according to an investment stewardship <a href=\"https:\/\/www.blackrock.com\/corporate\/literature\/publication\/our-commitment-to-sustainability-full-report.pdf\">report<\/a>.<\/p>\n<p>\u201cThere are investment risks and opportunities associated with a transition to a low-carbon economy,\u201d the letter explained. \u201cAs the recent historic floods across the country as well as the droughts and wildfires throughout the West and around the world this past year have shown, climate change is testing the resilience of many industries and businesses.\u201d<\/p>\n<p>Louisiana State Treasurer John Schroder, who met with BlackRock representatives before advancing his state\u2019s divestment, noted that comments made during his recent meeting with representatives from the company \u201ccontradicted most of the public messaging\u201d he has heard BlackRock CEO Larry Fink advance in the media.<\/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 in a letter. \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","protected":false},"excerpt":{"rendered":"<p>South Carolina State Treasurer Curtis Loftis intends to pull the state\u2019s remaining $200 million of holdings in asset management company BlackRock by the end of the year. Loftis is the latest of several conservative state officials to argue that environmental, social, and governance (ESG) investing represents an advancement of values not held by his constituents. &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1685385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1685375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1685375","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=1685375"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1685375\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1685385"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1685375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1685375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1685375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}