Oklahoma Officials Question Why BlackRock Is Handling State Retirement Funds When Its on Restricted List

Oklahoma Treasurer Todd Russ questions why company was selected over other qualified firms.

The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City on May 25, 2021. Carlo Allegri/Reuters

Two Oklahoma officials are concerned that a state retirement system’s overseers may have tailored a proposal request (RFP) to favor an investment firm that allegedly boycotts oil and gas companies.

Oklahoma State Treasurer Todd Russ and Auditor and Inspector Cindy Byrd are concerned that the RFP gave BlackRock Investments responsibility for 60 percent of the Oklahoma Public Employee Retirement System’s (OPERS) assets—approximately $7 billion— in possible violation of state law.