Indiana Pension Board Votes To Remove BlackRock Due To ESG Violations

Sunset and Long Shadows at the Indiana State Capitol building in Indianapolis, Indiana

Source: Jeremy Poland / Getty

On Friday, the board of trustees for the Indiana Public Retirement System unanimously voted to remove global investment firm BlackRock from managing the state’s portfolio. This decision followed allegations from Indiana Treasurer Daniel Elliott, who accused BlackRock of engaging in unlawful environmental, social, or governance (ESG) practices.

“I commend State Treasurer Daniel Elliott for his thorough research regarding BlackRock’s involvement in broad reaching priorities that are non-fiduciary and focused on social and environmental policy initiatives,” said Comptroller Nieshalla. “State retirees and employees deserve to benefit from investment managers who focus solely on fiduciary duty.”

Board members were presented with solid evidence based on documents BlackRock filed with the SEC that demonstrate its engagement with an ESG focused agenda.

“I do commend BlackRock’s recent action to discontinue its affiliation with Climate Action 100+, but more needs to be done including ending its support of Net Zero and similar initiatives to demonstrate a refocused commitment of prioritizing beneficiaries over a political agenda.”

Daniel Elliott joins Kendall and Casey today to discuss the vote. You can listen to the full interview here:

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