(Photo: Shutterstock)
BlackRock, known for its commitment to environmental, social and governance initiatives within its portfolio companies, has bowed to the current circumstances. It is now willing to accept that companies may have to give a lower priority to sustainability reports amid the coronavirus, according to a new stewardship document.
"We recognize that in the near-term companies may need to reallocate resources to address immediate priorities in these uncertain times," the report said. "Given our long-term approach to stewardship, we will continue to monitor company disclosures and expect a return to companies focusing on material sustainability management and reporting in due course."
The decision is a significant about face for the investment manager. For instance earlier this year CEO Larry Fink said that sustainable investments that address climate change will provide better returns. "In the near future — and sooner than most anticipate — [climate change would cause] a significant reallocation of capital," Fink wrote.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
