Activist Bluebell urges BlackRock to oust Fink as CEO over ESG

Bluebell Capital Partners is calling on BlackRock Inc. to replace Chief Executive Officer Larry Fink over what it says are his failures to move the world’s largest money manager beyond investments in fossil fuels.

The criticism by the small activist investor comes as BlackRock and Fink face attacks by Republican politicians in the US for pursuing sustainability goals and a “woke” agenda at the expense of returns. Bluebell, on the flip side of that argument, warns that Fink, despite his high-profile role in advocating for so-called ESG investing, is undermining BlackRock’s credibility by continuing to invest in fossil fuels including coal.

“We are increasingly concerned about the reputational risk (including greenwashing risk) to which you have unreasonably exposed the company, potentially fueling a gap between the ‘talk’ and the ‘walk’ on ESG investing,” Bluebell said in a letter to BlackRock’s board.

---

Related Stories

• ESG funds see first ever net outflows globally after US exodus
• IMDA launches a $30 million funding initiative to spur green computing research
• Bloom or bust? Why we can no longer ignore biodiversity

---