Following Hild’s warning, news broke that Missouri State Treasurer Scott Fitzpatrick announced that the Missouri State Employees Retirement System (MOSERS) pulled $500 million in pension funds managed by BlackRock. Fitzpatrick cited his belief that BlackRock was ignoring its fiduciary responsibility in favor of forcing a political and social agenda.
“This is the right thing to do for Missouri state employees who rely on the assets managed by MOSERS for their retirement. Fiduciary duty must remain the top priority for investment managers—a duty some of them have abdicated in favor of forcing a left-wing social and political agenda that has failed to succeed legislatively, on publicly traded companies,” Fitzpatrick said.
He added, “MOSERS has an obligation to manage its assets in a way that prioritizes providing maximum possible returns for retirees and taxpayers. We should not allow asset managers such as BlackRock, who have demonstrated that they will prioritize advancing a woke political agenda above the financial interests of their customers, to continue speaking on behalf of the state of Missouri.”
“Missouri State Treasurer Fitzpatrick is taking decisive action to protect the people of Missouri by divesting pension funds from BlackRock, who has weaponized ESG by pushing radical climate and social policies under the guise of an investment strategy,” said Derek Kreifels, CEO of the State Financial Officers Foundation (SFOF).
Kreifels went on to explain how ESG investing hurts Americans. “BlackRock’s reckless agenda is robbing Americans of their retirement dollars and driving up costs from the gas pump to the grocery store. Treasurer Fitzpatrick’s commitment to his fiduciary duty and protecting Missourians’ hard-earned money follows similar actions to protect individual’s investments by several states including Utah, West Virginia, Arkansas, Louisiana, and most recently South Carolina.”