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(Reuters) – North Carolina’s state treasurer on Friday called for BlackRock Inc (NYSE:BLK) Chief Executive Laurence Fink to resign or be removed from the top asset management firm, citing “his focus on Environmental, Social and Corporate Governance (ESG) initiatives.”
The statement from Treasurer Dale Folwell is the latest from a U.S. Republican politician criticizing BlackRock over sustainable investing. North Carolina state retirement systems have about $14 billion invested through BlackRock, mainly through passive funds, Folwell’s release said.
BlackRock did not immediately comment.
BlackRock, with over $8 trillion under management, faces a growing Republican backlash against corporations embracing ESG factors to guide investment decisions. However, many Democratic officials and investors want companies to come to terms with issues like climate change or workforce diversity.
Earlier this week, small activist hedge fund Bluebell Capital Partners also sought Fink’s departure over the company’s ESG efforts, including alleged contradictions in the way BlackRock handled its exposure to thermal coal companies.
