Pension funds demand BlackRock disclose its political activity in the wake of U.S. Capitol riots

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Business

Pension funds demand BlackRock disclose its political activity in the wake of U.S. Capitol riots

By Tory Newmyer
Jan. 27, 2021 at 9:15 a.m. EST

Public pension funds overseeing more than $1 trillion are piling pressure on BlackRock, the world’s largest asset manager, to ramp up disclosure of its political activities in the wake of the Jan. 6 assault on the U.S. Capitol.

In a Monday letter to BlackRock CEO Larry Fink, 24 officials from retirement funds accuse the Wall Street giant of failing to “demonstrate leadership in its own practices or in its role as a top shareholder.”

And they are asking whether the firm intends to swear off contributions to the 147 congressional Republicans who opposed certifying President Biden’s election. The officials also want BlackRock to detail all of its political spending and throw its weight behind shareholder proposals to force similar transparency from companies in which it invests.

BlackRock’s political action committee contributed $85,000 in campaign cash directly to 15 Republicans who sought to overturn the election results. The firm announced it is pausing its political giving in the wake of the U.S. Capitol riot, and Fink said he is considering whether to shutter the PAC altogether.

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Tory Newmyer
Tory Newmyer covers economic policy and the intersection of Wall Street and Washington as the anchor of PowerPost's daily tipsheet The Finance 202. He previously worked at Fortune, where he spent seven years as the magazine's Washington correspondent. Follow https://twitter.com/torynewmyer

[3Hotdogs]

1. Now that might get some traction.