Tennessee Attorney General Jonathan Skrmetti on Friday celebrated a legal settlement between the State of Tennessee and BlackRock, Inc., which resulted in the company changing its policies related to Environment, Social, and Governance investing.
“Tennessee beats ESG,” wrote Skrmetti in a post to the social media platform X containing a link to the settlement. “BlackRock’s stringent obligations under this settlement ensure Tennesseans will not see their retirement funds used to support radical ideologies they oppose.”
The attorney general wrote, “Transparency and accountability guarantee customers an informed choice.”
In the nine-page settlement, BlackRock agreed to disclose which of its funds are explicitly focused on ESG, remove ESG ratings and sustainability data from certain funds, conduct independent audits regarding its ESG initiatives, disclose its membership in climate change organizations, among other concessions to Tennessee.