Carney: Larry Fink’s Blackrock Doubles Down on Woke Capitalism


The retirement savings and investment accounts of millions of Americans are being used to pressure corporate Americans into adopting the left’s climate agenda and divisive racial politics.

Blackrock, the world’s largest asset manager, has been moving steadily leftward for years and has been putting pressure on public companies to comply with a set of “principles” that read like they were written by Green New Deal and Black Lives Matter activists.

In his annual letter to chief executives, BlackRock Chairman and CEO Larry Fink wrote that “climate change has become a defining factor in companies’ long-term prospects … But awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance.”

In a “stewardship expectations” report released last week, Blackrock essentially doubled-down on its woke capitalism pressure campaign, saying it would increase the pressure it puts on companies on environmental and racial issues.

In the report, Blackrock issued the order to U.S. companies to disclose the racial, ethnic, and gender makeup of their employees as well as measures they’re taking to advance “diversity, equity, and inclusion.”

“We are raising our expectations, in the context of regional norms, on board and workforce ethnic and gender diversity,” Blackrock said.

Blackrock, which controls $7.8 trillion of assets, holds hundreds of meetings with corporate leaders in which executives are grilled on how they are complying with the asset manager’s “diversity, equity, and inclusion” agenda. From the 2020 stewardship report:

This year, we held 750 engagements with companies on topics related to HCM [human capital management], an increase of 187% from the same period a year before. In our engagements, we seek to understand how a company’s board and management considers issues such as inclusion and diversity, employee development and retention, labor practices, safe working conditions, customer welfare and satisfaction, and community relations.

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