© Reuters. FILE PHOTO: A trader works as a screen displays the trading information for BlackRock on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 14, 2022. REUTERS/Brendan McDermid
(Reuters) – A BlackRock Inc (NYSE:) executive and Texas state senators sparred over the firm’s membership in an investment group aiming to limit climate change at a hearing on Thursday.
Republicans at the hearing, which was webcast, questioned if BlackRock’s membership in the Climate Action 100+ committed it to putting too much pressure on portfolio companies to take steps to reduce emissions.
BlackRock Senior Managing Director Dalia Blass said the firm had maintained its independence within the group. “We have one bias, and that’s to get the best risk-adjusted returns for our clients,” Blass said.
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