Jimmy Patronis, Florida’s Chief Finance Officer, released a press release stating that the Florida Treasury would begin to divest $ 2 billion of assets currently managed by BlackRock. He also ordered Florida’s custody bank, to immediately freeze $ 1.43 billion of long-term securities. BlackRock will be removed from its role as manager of $600 million worth of short-term overnight investments.
Patronis stated that as Florida’s Chief Finance Officer, it is my responsibility to get the best return for taxpayers. To combat inflation, the Fed will raise interest rates. I need partners in the financial services industry who are equally committed to the bottom line. I doubt that BlackRock can deliver. Larry Fink is BlackRock’s CEO. To assist police in determining who should have access to capital.
John Schroder, Louisiana’s State Treasurer informed Larry Fink (BlackRock CEO) that the state would be taking $794 million out of treasury funds. This was due to the state’s neglecting its fiduciary responsibilities, and instead focusing on ideological investing. Schroder is the Chairman of the State Financial Officers Foundation. He believes state leaders should do what is best for the state to fight ESG and corporate boardroom activism.
Patronis’ statement echoed Schroder’s sentiment. BlackRock wants stakeholder capitalism and ESG standards. It also wants to improve its social credit rating.
He stated that “Using our cash for BlackRock’s social engineering projects is not what Florida signed up for.” It does not have to do with maximizing returns. As Florida’s Chief Financial Officer, I agree with Larry Fink when he said to CEOs that “[A]ccess is not a right.” We will accept Larry’s offer. There are plenty of companies in Florida that will invest in us.
On Wednesday, Petronis spoke at a panel and stated that Florida has previously retaken proxy votes. Florida will now vote for its shares at shareholder meetings. These initiatives require members to prioritize environmental issues over return.
Will Hill, Consumers Research Executive director, applauded Florida for its action. “Today’s announcement is monumental. BlackRock’s $2 billion divestment of assets is the largest ever by any state. “Florida doesn’t believe Larry Finks lies or spins. He admitted his ESG radical agenda of destroying America’s energy independence and posing a national security threat and implemented progressive American corporate policies. Consumers’ Research monitors BlackRock’s activities and how ESG investing affects consumers.