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From what we can gather, Indiana Secretary of State Diego Morales has now filed 54 counts of securities crimes against BlackRock.
Over 415,000 Indiana residents and the Indiana Public Retirement System have their money managed by BlackRock, per an order from Morales.
Relating to the firm’s assertions of its ESG (Environmental, Social, and Governance) integration, which are believed to conflict with disclosures given for non-ESG funds, the cease-and-desist notice cites 54 infractions of Indiana securities laws.
While it has been revealed that some funds do not employ ESG methods, BlackRock has always stated its intention to include ESG factors in all of its managed assets, including its pursuit of net-zero targets.
“My office is committed to rigorously enforcing the law and ensuring that Hoosier investors are protected from those who exploit the system,” Morales remarked.
A “politically motivated attack” that distorts BlackRock’s investment strategy was the response from the investing giant.
While expressing its resolve to fight against what it perceives as an arbitrary exercise of state authority, BlackRock stressed its focus on assisting clients in Indiana in reaching their investment goals.
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Furthermore, the directive emphasizes that BlackRock is a part of the United Nations-backed Net Zero Asset Managers (NZAM) program, which pledges to achieve zero emissions by the year 2050.
Notably absent from CA100+ as of late are JPMorgan and State Street, two members of which BlackRock was a part.
Despite having considerable proxy voting power to enforce its ESG criteria, the order claims that BlackRock, the biggest asset manager in the world, has frequently downplayed its pursuits.
After supporting 7% of shareholder proposals in 2023 and 21% in 2022, BlackRock’s most recent investment stewardship report shows that during the 2024 proxy season, the firm only backed 4% of proposals on social and environmental issues.
The judgment also cites earlier conclusions reached by the Indiana State Treasurer’s Office, which found that BlackRock’s ESG endeavors were demonstrated by its membership in the NZAM.
Morales yet maintains that BlackRock has taken advantage of the system.
The SEC filed charges against BlackRock last year for failing to adequately disclose holdings of a publicly traded fund it was the advisor for.
