On Thursday, Chief Financial Officer (CFO) of Florida Jimmy Patronis announced that the state would withdraw $2 billion worth of assets that are currently being managed by BlackRock, Inc., the notoriously far-left corporation that has led the way on implementing radical “environmental, social, and corporate governance” (ESG) policies.
As reported by the Washington Free Beacon, Patronis’ statement clarified that the move would see the outright removal of $600 million in assets, plus the custodial freezing of $1.43 billion in long-term securities that are currently held by BlackRock. The money will be reallocated to other managers in early 2023.
“Florida’s Treasury Division is divesting from BlackRock because they have openly stated they’ve got other goals than producing returns,” Patronis said in his statement.
Among other measures, BlackRock’s ESG push has seen the company force portfolio companies to disclose internal data regarding their effects on the climate, or coercing such companies to add more minorities to their executive boards.
Several Republican-led states have now taken major financial action against BlackRock, including the divestment of $794 million by Louisiana and the withdrawal of $500 million by Missouri; although these amounts are still miniscule compared to BlackRock’s overall worth of $8 trillion in assets, the trend still represents a major revolt against the company by Republican lawmakers.