BlackRock partners with Egan Jones for Proxy Advisory Services

SOURCE www.foxnews.com
BlackRock partners with Egan Jones as a third proxy advisory firm to provide clients with more investment choices amid allegations of prioritizing ESG over fiduciary responsibilities. Critics claim BlackRock's move is inadequate in affirming an apolitical stance. BlackRock CEO defends the firm's fiduciary duty and performance amidst ESG debates.

Key Points

  • BlackRock partners with Egan Jones to expand its Voting Choice program.
  • The addition of Egan Jones aims to provide clients with more customized voting guidelines.
  • BlackRock faces criticism for allegedly prioritizing ESG over fiduciary responsibilities.
  • BlackRock CEO Larry Fink defends the firm's fiduciary duty and performance amidst ESG debates.

Pros

  • BlackRock provides clients with more investment choices through the addition of a third proxy advisory firm, Egan Jones.
  • The partnership aims to address allegations of prioritizing ESG over fiduciary duties and offers clients up to 16 distinct voting guidelines.

Cons

  • Critics argue that BlackRock's move with Egan Jones does not effectively demonstrate an apolitical fiduciary stance.
  • Dr. Kevin Roberts from the Heritage Foundation criticizes BlackRock's tardiness in addressing politicization in the financial sector.