00:00Why now? Thanks so much for having me on. So this is a culmination of Brad Lander's efforts for actually the past several years. In 2022 was when he first mentioned that he wanted to engage with BlackRock and review how the asset manager was engaging with portfolio companies on climate change. Fast forward to this year. BlackRock along with 49 other asset managers who manage money on behalf of three of the city's pension funds.
00:29They were all asked to submit plans by a deadline of June 30th of this year outlining sort of all of the steps that they plan to take to hold portfolio companies accountable to climate change.
00:41And now he has been reviewing those recommendations for the past five or so months. And the announcement has come out this morning. And I want to point out that in response one BlackRock managing director wrote in a letter to Lander that he is alleging the firm is abdicating its financial duty.
00:56And that undermines the retirement security of hardworking New Yorkers. And that is absolutely not the case. But it's not just BlackRock. He's also recommending Fidelity get gone. Right.
01:05And and some others as well. So who would be left. So actually 46 out of 49 of the asset managers met the criteria.
01:13And Mr. Lander is recommending that the pension funds stay with 46 out of 49. BlackRock has by far the largest mandate that they are recommending be dropped at 42 billion.
01:24The other two which would be Fidelity Investments and Pan Agora have about a combined 750 million of assets under management for the pension funds.
Be the first to comment