Posted on 02/15/2024 10:42:54 AM PST by SeekAndFind
JPMorgan Chase and institutional investors BlackRock and State Street Global Advisors announced Thursday that they are quitting or, in the case of BlackRock, substantially scaling back involvement in a massive United Nations climate alliance formed to combat global warming through corporate sustainability agreements.
In a statement, the New York-based JPMorgan Chase explained that it would exit the so-called Climate Action 100+ investor group because of the expansion of its in-house sustainability team and the establishment of its climate risk framework in recent years.
BlackRock and State Street, which both manage trillions of dollars in assets, said the alliance's climate initiatives had gone too far, expressing concern about potential legal issues as well.
The stunning announcements come as the largest financial institutions in the U.S. and worldwide face an onslaught of pressure from consumer advocates and Republican states over their environmental, social and governance (ESG) priorities.
"The firm has built a team of 40 dedicated sustainable investing professionals, including investment stewardship specialists who also leverage one of the largest buy side research teams in the industry," the bank said in a statement shared with FOX Business. "Given these strengths and the evolution of its own stewardship capabilities, JPMAM has determined that it will no longer participate in Climate Action 100+ engagements."
BlackRock, meanwhile, withdrew its U.S. business from Climate Action 100+, shifting involvement in the alliance to BlackRock's smaller international entity where a majority of clients are pursuing decarbonization goals, the Financial Times first reported Thursday. A spokesperson for BlackRock confirmed to FOX Business that the move had been made in recent weeks.
(Excerpt) Read more at msn.com ...
hmmmm...unwoke or something else?
Okay, hell is freezing over as we speak! No doubt some ulterior motive at play. They wouldn’t do this unless there is a YUGE payday somewhere down the line.
Global economic depression incoming.
They know that Trump is coming! They’re all scared!
They found out there are 17 Climates and not just 1 ,LOL
For transparency, I have been saying that for some time now.
It’s a good thing I don’t manage other people’s money…
Stunning? No. Survival? Yes.
Means "They have FAILED in their fiduciary responsibility to maximize shareholder return, and instead have lost $BILLIONS of investor dollars by virtue signaling!"
BlackRock and State Street, which both manage trillions of dollars in assets, said the alliance's climate initiatives had gone too far, expressing concern about potential legal issues as well.
Well, yes, there are legal issues with allowing funds in their keeping to be directed by political activists who have no responsibility to the actual investors. There have been all along. Due to the nature of their game the root investors have been slow to catch on - who knows what his or her pension fund is actually in from day to day? But DEI in particular is actively opposed to the interests of many of those investors in other ways such as hiring that have a direct effect that is difficult to ignore or paper over. Yes, your pension fund is being used to deny your own promotions on the basis of race and sex, and there isn't a damn thing you can do about it. Oh, and the people doing it aren't even risking their own money. Sweet deal, but not for you.
WOW just WOW, we ALL could have consulted them BEFORE they ever started this SCAM on America!!!
“stewardship”
There is a truly pukeworthy word.
Only sociopaths use it.
It’s something else. I have several stock funds. Suddenly, after Biden became president, they went from making about four or five percent to losing bigtime. I researched the biggest losers and found that exactly thirty percent of each fund was composed of companies that said their primary concern was ESG or DEI. A couple of them had a VP or director of ESG or DEI. Several had a staff of people dedicated to those things.
Here’s the legal problem. A company has a fiduciary responsibility to protect and grow the value of the firm for their owners, the stockholders. These firms had mostly declining earnings going back, as far as I could trace, to when they went woke. When Elon Musk started talking about lawsuits for breach, a lot of firms scaled back the mention of ESG in their earnings calls. But not the actual policies involved.
Why would a firm like Oppenheimer promote those funds which are obviously not going to make much money for their clients? It’s because the biggest investors are Blackrock and Calpers. Both of those have said if you’re not onboard with ESG or DEI you won’t get their investments and therefore the fund managers won’t get their bonuses.
I’m astonished there haven’t been huge lawsuits, but they will be on the horizon if the government changes to something remotely conservative. Right now, I suspect the government is putting its thumb on the scales, preventing lawsuits.
The greenies were not happy with them because of their association with bitcoin.
The woke ones are stealing money from you to “save the earth.”
“....said the alliance’s climate initiatives had gone too far...”
Oh, and they, Dimon and Fink, just now (finally) came to that conclusion? Must have hit them too severely in the olde pocketbook. But it’s ok that the net zero climate change nonsense has hit and still is hitting the common working man/woman in ‘their’ wallets.
Also, apparently that “net zero” agenda might involve too much accounting, reporting and compliance (work) for these big guys. Welcome to the party, pals!
“And State Street said its exit from the alliance was made because Climate Action 100+’s “phase 2” commitments conflicted with the firm’s internal investing policies.”
Phase 2:
https://www.climateaction100.org/news/climate-action-100-announces-its-second-phase/
World Enslavement Forum founder Klaus Schwab rebranded his Great Reset system as a “humanocracy” rather than a “technocracy”, Oh no rebranding means they in trouble ,LOL
Too late, I already divested from all Black Rock and Vanguard funds over ESG.
Love it!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.