Has BlackRock been entirely honest when questioned by officials? Fifteen Republican AGs are doubtful.

From The Daily Wire. Republican officials continued their probe of BlackRock this week, saying that the financial giant has not been forthcoming about how climate activists are shaping its policies, according to a letter first obtained by The Daily Wire.

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In a letter to BlackRock on Tuesday, 15 Republican attorneys general led by Montana Attorney General Austin Knudsen, demanded more answers from BlackRock about its participation in climate organizations and what kind of environmental, social, and governance policies it has implemented. BlackRock, which has over $10 trillion in assets, has faced scrutiny from Republicans over accusations that it prioritizes leftist activism over customer benefit. …

The 18-page letter raises concerns about conflicting statements made by BlackRock on ESG, BlackRock’s participation in leftist climate groups, and conflicts of interests. …

The Republicans AGs also say that BlackRock has made misleading statements about the motivations behind its ESG policies. Some comments from BlackRock indicate that it believes that ESG policies provide financial benefit are undercut by other statements that sustainability criteria don’t help assess the potential risk or reward of a fund, the letter notes.

“BlackRock’s claims that its focus on climate and ESG is motivated by concern about financial return are also undermined by the performance of its ESG-managed funds, which lag behind the performance of non-ESG benchmarks while charging higher fees,” the letter said.

Additionally, the letter raises concerns about the independence of mutual fund directors at BlackRock and whether they can be directors on other corporations where BlackRock controls significant shares. …

In addition to Montana, Alabama, Arkansas, Georgia, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nebraska, South Carolina, South Dakota, Texas, Virginia, West Virginia, and Utah all signed on to the letter. …

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(Excerpt from The Daily Wire. Photo Credit: Spencer Platt/Getty Images)