| Wall Street’s largest asset managers, private equity firms and brokers have warned that a backlash against sustainable investing is now a material risk, in filings that show how acrimony over ESG principles has become a perceived threat to profits.
Officials in Republican-led US states have launched investigations into BlackRock and State Street over their votes on shareholder proposals. State legislators are considering or have passed laws requiring government pension funds to divest from money managers who consider climate or racial equity concerns in their investing.could affect fundraising and revenues, according to the 2022 annual report it filed with the US Securities and Exchange Commission last week.
State Street’s filing said scrutiny of ESG practices has become political and a reputational risk, adding that it has received information requests as part of states’ investigations.
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