BlackRock and Its ESG ‘Voting Choice’ Ruse

BlackRock and Its ESG ‘Voting Choice’ Ruse
BlackRock's office building in New York on July 16, 2018. Lucas Jackson/Reuters
Andy Puzder
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Commentary
Amid growing criticism of its environmental, social, and governance (ESG) investment practices, BlackRock has announced that it will offer retail investors in its largest exchange-traded fund (ETF) the opportunity to participate in its “Voting Choice” program. Open to institutional clients since January 2022, this program allows investors to choose from a limited set of options to guide BlackRock in voting their shares. While perhaps an effective PR tool, Voting Choice is little more than a ruse that neither empowers investors nor diminishes BlackRock’s power to impose its ESG goals on American businesses.
Andy Puzder
Andy Puzder
Author
Andrew F. Puzder was chief executive officer of CKE Restaurants for more than 16 years (2000—2017), following a career as an attorney. He received his B.A. from Cleveland State University and his J.D. from the Washington University School of Law. He serves as chairman of the board at 2ndVote Advisers, an investment firm formed in response to the stakeholder capitalism and ESG movements, and is a fellow at the Pepperdine University School of Public Policy, the Heritage Foundation, and the America First Policy Institute. He was an economic adviser for former President Trump’s 2016 presidential campaign and was nominated by President Trump to serve as U.S. labor secretary. In 2011, Puzder co-authored “Job Creation: How It Really Works and Why Government Doesn’t Understand It.” His latest book is “The Capitalist Comeback: The Trump Boom and the Left’s Plot to Stop It” (2018).
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