Treasurer Moore: Board of Treasury investments ends use of BlackRock Investment Fund
Treasurer Moore announced the Board of Treasury Investments, which manages the state’s roughly $8 billion operating funds, will no longer use a BlackRock Inc. investment fund as part of its banking transactions.
BRIDGEPORT, W.Va (WDTV) - State Treasurer Riley Moore on Monday announced the Board of Treasury Investments, which manages the state’s roughly $8 billion operating funds, will no longer use a BlackRock Inc. investment fund as part of its banking transactions.
Treasurer Moore said the decision was based on recent reports that BlackRock has urged companies to embrace “net zero” investment strategies that would harm the coal, oil and natural gas industries.
“As the state’s chief financial officer and chairman of the Board of Treasury Investments, I have a duty to ensure that taxpayer dollars are managed in a responsible, financially sound fashion which reflects the best interests of our state and country, and I believe doing business with BlackRock runs contrary to that duty,” Treasurer Moore said.
Treasurer Moore said this action is consistent with his belief that the state should not do business with firms whose corporate policies directly threaten West Virginians’ interests and livelihoods.
“BlackRock CEO Larry Fink has been outspoken in pressuring corporate leaders to commit to investment goals that will undermine reliable energy sources like coal, natural gas and oil under the guise of helping the planet,” Treasurer Moore said.
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