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Texas Lawmakers Grill BlackRock, State Street Over ESG Investing – Bloomberg

BlackRock and State Street Grilled by Texas Lawmakers in ESG Debate

Firms summoned by state panel to Marshall, in eastern Texas Goal is ‘best risk-adjusted returns’ for clients: BlackRock

Danielle MoranDecember 15, 2022 at 12:25 PM PST
BlackRock’s head of external affairs, Dalia Blass, stood by the firm’s record in handling the assets of its clients in the state.

BlackRock’s head of external affairs, Dalia Blass, stood by the firm’s record in handling the assets of its clients in the state.

Photographer: Dylan Hollingsworth/Bloomberg

December 15, 2022 at 12:25 PM PSTTexas lawmakers grilled finance industry executives they summoned to a remote corner of the Lone Star State for a hearing, questioning whether their environmental, social and governance policies are hindering state pension investments.

The GOP-led committee on state affairs called the hearing on Thursday amid growing concern in the party that financial firms are pushing a “woke” ideology with investing rules tied to ESG issues. They summoned officials from BlackRock Inc.State Street Corp. and Institutional Shareholder Services Inc. to defend their practices before a committee made up of seven Republicans and two Democrats.

 

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