State Treasurer Daniel Elliott commends INPRS Board for sending a message to BlackRock, Inc.

IN Treasurer of State Daniel Elliott commends the Board of INPRS for fulfilling their duties under Indiana law and removing BlackRock, Inc. as an ESG violator.

“Today, I and other INPRS board members voted to put Hoosier public servants first by rejecting BlackRock and woke corporate policies,” said Treasurer Daniel Elliott.   “As Treasurer of State, I led the charge against ESG and other non-fiduciary policies that harm workers force that put Hoosier public employee pensions at risk”.

Today’s vote is the culmination of a six-month process that began when Treasurer Elliott placed BlackRock on the watchlist as a potential ESG violator.  At the June 2024 INPRS Board Meeting, some of the following was revealed:

·       BlackRock’s disclosures reveal that the company prioritized ESG risky ESG engagement over fiduciary duty to its client.

·       That BlackRock acknowledged its reliance on third-party providers for ESG data, which may be disclaimed for accuracy and completeness, poses significant risks to its earnings.

·       BlackRock’s actions and commitments to “promoting ESG investing” are seen as potential threats to its reputation and ability to attract and retain clients.

“While this law isn’t perfect and there is work to be done to ensure that all Pension decisions are made using non-ESG Factors, today’s decision is a good first step, said Treasurer Elliott.  “I look forward to working with the General Assembly, INPRS Board Members and staff in the future to strengthen Indiana’s pension system and ensure that no public servant has their retirement threatened by an ESG commitment.”

The Indiana Treasurer’s office continues its research and investigation into all eligible Service Providers.  Any future findings will be presented to the Board by law.  The IN Treasurer of State received legal and statutory authority to place Service Providers to INPRS on a watchlist and subject to removal per an INPRS Board vote after the General Assembly passed HEA 1008 in 2023.  This bill was authored by Rep. Ethan Manning.  The Treasurer of State is a separately elected constitutional officeholder who serves on the INPRS board ex-officio. 

The Treasurer’s report on BlackRock can be found at this link: http://esgreport.tos.in.gov/