For years, Larry Fink, the chief executive of the giant asset manager BlackRock, has been broadcasting a message to corporate America: Environmental, social and governance goals should be core to how companies do business.
So when BlackRock announced in July that it would appoint Amin Nasser, the head of the world’s largest oil company, Aramco, to its board, investors and politicians immediately called out Mr. Fink on what they said was his hypocrisy.
It’s the latest example of the increasingly difficult situation Mr. Fink finds himself in: His championing of E.S.G.
has drawn accusations of “woke” capitalism from the right while his embrace of energy companies has upset those on the left.
The political blowback has made it more challenging for Mr. Fink to do his day job of finding new sources of money that BlackRock — which oversees $9 trillion in assets — needs to drive growth and keep shareholders happy.
Persons:
Larry Fink, Amin Nasser, Fink, ”, Giuseppe Bivona, Fink’s, “
Organizations:
BlackRock, Aramco, Bluebell
Locations:
America, London