Due to the growing unpopularity of ESG (Environmental, Social, Governance), BlackRock CEO Larry Fink had promised to stop saying the word “ESG” – but to continue wielding the company’s enormous financial leverage to keep pushing it – so now the company’s calling ESG “transition investing.”
BlackRock began renaming environmental, social and governance (ESG) earlier this year. It’s now calling it “transition investing,” Just The News reports, citing new guidelines released this month by the powerful investment manager:
“The company recently updated its climate and decarbonization stewardship guidelines. The document makes no mention of ESG, but it shows in many ways, the world’s largest investment manager with $10 trillion in assets under management is still pursuing many of the same goals.”
Whatever BlackRock calls it, the goal is the same: prioritize BlackRock's political agenda over its clients' financial well-being.
The new “sustainable and transition investing” guidelines dictate that BlackRock use its proxy voting power to elect directors that submit to its ESG agenda - and against those who don’t. The guidelines also say BlackRock will use its influence in a way that is “contributing to industry dialogue on stewardship to share our perspectives on matters.”
The guidelines also say BlackRock will “prioritize sectors and companies that are critical to the transition to a low-carbon economy” and “take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and their key stakeholders.”
Additionally, the guidelines say BlackRock will investigate and consider whether or not companies base their executive compensation on BlackRock’s EGS goals and how well they do so.