BlackRock targeted in new ad campaign for being too awake
The world’s greatest money manager gets angry because he’s too awake.
Consumers’ Research, the nation’s oldest consumer protection agency, is investing $ 1 million in a new nationwide ad campaign that hammers BlackRock for what it calls the fund manager’s “shady ties” to the Chinese Communist Party and the hypocritical signaling of the awakened virtue of its CEO Larry Fink.
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Consumers’ Research told Fox Business that it will soon release the information it has compiled on BlackRock’s business relationships with future advertisements, with a specific focus on Larry Fink.
As Fox Business previously reported, BlackRock is the industry leader when it comes to investing in environmental and social governance (ESG). ESG is a measure of a company’s adherence to social and environmental factors that socially aware investors, such as BlackRock, use to research potential investments.
In fact, Fink has previously warned companies BlackRock invests in to adopt ESG standards or face pressure in so-called proxy battles, in which investors vote on corporate governance issues.
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Consumers’ Research says Fink acts on a double standard, forcing US companies to meet high environmental and social standards, but not doing so with Chinese companies his company invests in.
According to SEC documents, BlackRock owns investments in two Chinese surveillance companies that have been blacklisted from U.S. stock exchanges for their involvement in human rights abuses.
One is Hikvision, in which BlackRock has a stake of $ 15 million, and the other is IFlyTek, in which BlackRock has a much smaller investment. President Trump has banned the two companies from doing business in the United States because of their alleged involvement in the oppression of the Uyghur population in Xinjiang.
“BlackRock is funneling US dollars to China while reaching out to awakened politicians to try to hide their involvement from the public,” Consumers’ Research executive director William Hild said.
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But BlackRock argues the beef with Consumers’ Research goes beyond its involvement with China.
“As a trustee of our clients, BlackRock focuses on issues such as board diversity and climate risk because we believe these are important issues that can affect long-term value. term of our clients’ investments, ”said a spokesperson for BlackRock. “These are the questions that funders and leaders of this campaign do not seem to agree with.”
Consumers’ Research is expected to publish more research on Fink and BlackRock in the coming weeks.
Since its release on Wednesday, the ad has received more than 160,000 views on Twitter and was shared by Republican Senator Tom Cotton of Arkansas, a vocal critic of China.
This is not the first foray into attacking large US companies for Consumers’ Research. In May, the organization targeted CEOs of American Airlines, Coca-Cola and Nike for being too awake. In July, the group targeted Major League Baseball and Ticketmaster for, he said, putting politics ahead of fans and customers when they pushed back Georgia for changing its voting laws.