By Bill Hamm
Has anyone considered enacting a law that would make it illegal for a financial management company, like BlackRock or Vanguard, to pressure an Ohio business to pursue a political or environmental agenda without a majority vote of the stockholders in that management company.
I saw Larry Fink, of Blackrock, saying, in essence, it was his job to push companies to comply with his personal wishes. He can do that by saying he won’t buy a stock or will dump a stock if they don’t comply. These management companies have a duty to get the best monetary performance for their stockholders, under the principles outlined in the stock prospectus and not their own personal opinions, which may be different than the prospectus.
In other words, if someone like Fink wants to support green energy, they should find stocks that specialize in that, rather than telling companies they won’t buy or will dump or down rate/ punish stocks that don’t do exactly what they want. So, Fink could, say, have a LF etf that specializes in green energy rather than use his company’s power to force all companies to go green energy.
This blackmail appears, to me, to be why there are so many woke companies.