Florida’s top financial officer says it’s “undemocratic of major asset managers to use their power to influence societal outcomes” The move follows efforts in states such as Missouri, Louisiana and Texas to derail ESG corporate standards. BlackRock says it acted “with the sole goal of driving returns for our clients’s clients,” a spokesman says. The ouster of BlackRock will have little immediate impact, but it is not likely to affect Florida’s pension fund. The firm worldwide was managing nearly $8 trillion at the end of September, managing $1.4 billion of long-duration funds and $600 million devoted to short-term cash activities at the state treasury, the spokesman says in the last 12 months. . . .
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