{"id":1701236,"date":"2022-10-18T13:18:14","date_gmt":"2022-10-18T17:18:14","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1701236"},"modified":"2022-10-18T13:18:19","modified_gmt":"2022-10-18T17:18:19","slug":"missouri-is-the-latest-state-to-divest-from-blackrock-pulls-500-million-in-pension-funds","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/missouri-is-the-latest-state-to-divest-from-blackrock-pulls-500-million-in-pension-funds\/","title":{"rendered":"Missouri Is The Latest State To Divest From BlackRock, Pulls $500 Million In Pension Funds"},"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\">30<\/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%2Fmissouri-is-the-latest-state-to-divest-from-blackrock-pulls-500-million-in-pension-funds%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=1701236&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\/missouri\" target=\"_blank\" rel=\"noopener\">Missouri<\/a> State Treasurer Scott Fitzpatrick announced on Tuesday that the state\u2019s retirement system sold $500 million in public equities managed by <a href=\"http:\/\/dailywire.com\/topic\/blackrock\" target=\"_blank\" rel=\"noopener\">BlackRock<\/a> over the firm\u2019s commitment to environmental, social, and governance investing, also known as <a href=\"http:\/\/dailywire.com\/topic\/esg\" target=\"_blank\" rel=\"noopener\">ESG<\/a>.<\/p>\n<p>The news comes after several conservative states divested more than $1 billion in funds from BlackRock, leading to concerns on Wall Street about the asset management company\u2019s risk profile and inducing a mild <a href=\"https:\/\/www.dailywire.com\/news\/get-woke-go-broke-blackrock-stock-downgraded-over-risk-from-esg-investing\" target=\"_blank\" rel=\"noopener\">stock market selloff<\/a>. Fitzpatrick said in a statement provided to The Daily Wire that the divestment is \u201cthe right thing to do\u201d for Missouri state employees who rely on the funds for their retirement plans.<\/p>\n<p>\u201cFiduciary duty must remain the top priority for investment managers \u2014 a duty some of them have abdicated in favor of forcing a left wing social and political agenda that has failed to succeed legislatively,\u201d Fitzpatrick said. \u201cWe should not allow asset managers such as BlackRock, who have demonstrated that they will prioritize advancing a woke political agenda above the financial interests of their customers, to continue speaking on behalf of the state of Missouri.\u201d<\/p>\n<p>While South Carolina <a href=\"https:\/\/www.dailywire.com\/news\/south-carolina-to-pull-final-200-million-from-leftist-blackrock-by-end-of-year\" target=\"_blank\" rel=\"noopener\">pulled<\/a> $200 million from BlackRock due to the company\u2019s \u201cleftist worldview,\u201d which causes executives to \u201cundermine\u201d their fiduciary responsibilities, Louisiana also <a href=\"https:\/\/www.dailywire.com\/news\/louisiana-becomes-latest-state-to-reject-woke-investing-will-divest-800-million-from-blackrock\" target=\"_blank\" rel=\"noopener\">announced<\/a> intentions earlier this month to divest a total of nearly $800 million from BlackRock. Weeks earlier, the state of Texas revealed 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\" target=\"_blank\" rel=\"noopener\">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>BlackRock, which manages $8.5 trillion in assets, has made public stands regarding climate change and various social matters. The firm 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\" target=\"_blank\" rel=\"noopener\">report<\/a>.<\/p>\n<p>\u201cIt is past time that all investors recognize the massive fiduciary breach that is taking place before our eyes, and do something about it,\u201d Fitzpatrick continued, remarking that BlackRock had rendered Missourians\u2019 tax dollars \u201cweaponized against them.\u201d<\/p>\n<p>Among other leading asset management executives, BlackRock CEO Larry Fink <a href=\"https:\/\/www.dailywire.com\/news\/climate-risk-is-investment-risk-bill-clinton-and-blackrock-ceo-larry-fink-make-bold-claims-about-woke-investing\" target=\"_blank\" rel=\"noopener\">believes<\/a> that \u201cclimate risk is investment risk.\u201d The company said in a recent <a href=\"https:\/\/www.blackrock.com\/us\/individual\/literature\/press-release\/blackrock-response-attorneys-general.pdf\" target=\"_blank\" rel=\"noopener\">letter<\/a> to state attorneys general that the officials inaccurately portray ESG as a departure from the maximization of profits, asserting that entities that 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<\/p>\n<p>The debate over the ESG movement has grown more heated since the beginning of the year amid soaring energy prices, which many contend are a result of public policy that emphasizes renewable power sources. According to the most recent winter fuels <a href=\"https:\/\/www.dailywire.com\/news\/heres-how-much-power-bills-could-rise-this-winter\" target=\"_blank\" rel=\"noopener\">outlook<\/a> from the Energy Information Administration, the typical American household using natural gas for space heating will spend $931 on power from October to March, marking a $206 increase since last year.<\/p>\n<p>\u201cAdding to the fact that BlackRock is prioritizing politics over profits, is the primary role they\u2019ve played in crippling American energy companies and driving our nation into our current energy crisis,\u201d Consumers\u2019 Research Executive Director Will Hild said in a statement provided to The Daily Wire. \u201cBlackRock\u2019s ESG crusade has harmed American consumers financially, and it will leave many Americans struggling to heat their homes this winter.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Missouri State Treasurer Scott Fitzpatrick announced on Tuesday that the state\u2019s retirement system sold $500 million in public equities managed by BlackRock over the firm\u2019s commitment to environmental, social, and governance investing, also known as ESG. The news comes after several conservative states divested more than $1 billion in funds from BlackRock, leading to concerns &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1890448,"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":[541],"tags":[],"class_list":["post-1701236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"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\/1701236","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=1701236"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1701236\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1890448"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1701236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1701236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1701236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}