LONDON, July 17 (Reuters) - The world's top asset manager BlackRock (BLK.N) has named Amin Nasser, the chief of the world's largest oil company Saudi Aramco (2223.SE), as an independent director.
His expertise in the Middle East will fill the gap left by Bader Alsaad, chairman of the board of the Arab Fund for Economic & Social Development, who is not standing for reelection on BlackRock's board in 2024, the asset manager said on Monday.
BlackRock has sought to strike a balance on the issue of climate change, continuing to invest in fossil fuel companies, while nudging them to adopt energy transition plans.
Aramco, for its part last October unveiled a $1.5 billion sustainability fund to initially focus on areas including carbon capture and storage, greenhouse gas emissions, as well as hydrogen, ammonia and synthetic fuels.
However, Nasser said the current global energy transition plan was flawed.
Persons:
Amin Nasser, Nasser, Bader Alsaad, Natalie Grover, Sharon Singleton
Organizations:
BlackRock, Saudi Aramco, Saudi, Arab Fund for Economic & Social Development, Aramco, Gulf, Thomson
Locations:
Saudi Arabia, Riyadh, Paris, London