Athabasca Oil Corp T.ATH

Fink's Volte Face on ESG?

[Dibah420]

Larry Fink, the CEO of BlackRock, has made several recent pronouncements on ESG (Environmental, Social, and Governance):

1. In his annual 2022 letter to CEOs1, Fink emphasized the importance of stakeholder capitalism and the need for companies to create value for all stakeholders in order to deliver long-term value for shareholders1. He stated that stakeholder capitalism is not about politics or a social or ideological agenda1.

2. Fink asked companies to set short-, medium-, and long-term targets for greenhouse gas reductions2. He emphasized that these targets and the quality of plans to meet them are critical to the long-term economic interests of shareholders2.

3. However, Fink has also declared that he will no longer use the term “ESG” as he believes it has become politically “weaponized”3.

4. BlackRock acknowledged in a filing to the SEC that ESG advocacy could potentially hurt its financial performance4.

[cahclick]

Seems he's talking out of both corners of his mouth. Geesh. Look at the returns that pension funds missed out on in the last 3 years because oil wasn't esg friendly.  For those that insisted on mixing esg with their money - they can now see their folly.  jmo