BlackRock Filing Reveals Concerns Over Backlash to ESG Advocacy
• BlackRock admitted in an SEC filing that CEO Larry Fink's ESG advocacy could hurt its reputation and business
• The filing said scrutiny over ESG issues could lead to client redemptions, legal action, and damage to its reputation
• Republican AGs have scrutinized BlackRock's ESG policies, with some states blacklisting or suing the company
• Texas blacklisted BlackRock over ESG, prompting Fink to meet with GOP officials at an energy summit
• Backlash to ESG has led other companies like Bank of America to pull back on some eco-friendly commitments