BlackRock Called Out For 'ESG Facade' After Naming Saudi Aramco Chief To Board
Portfolio Pulse from Shanthi Rexaline
BlackRock, Inc. (NYSE:BLK) has appointed Saudi Aramco's CEO, Amin Nasser, as an independent director to its board, sparking criticism from various quarters. Critics, including ZeroHedge and Tesla CEO Elon Musk, have questioned BlackRock's commitment to environmental, social, and corporate governance (ESG) standards, given Saudi Aramco's role as the world's largest oil producer and its environmental impact. BlackRock defended its decision, emphasizing the importance of regional expertise and balance in its board composition.
July 18, 2023 | 7:19 am
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BlackRock's appointment of Saudi Aramco's CEO to its board has sparked criticism and raised questions about its commitment to ESG standards. This could potentially impact investor sentiment and the company's reputation.
The appointment of Saudi Aramco's CEO to BlackRock's board has been met with criticism due to concerns over ESG standards. Given BlackRock's position as a leading asset manager, this could potentially impact investor sentiment and the company's reputation, leading to a negative short-term impact on the stock.
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IMPORTANCE 75
RELEVANCE 100