NYC's Lander Recommends Dropping $42 Billion BlackRock Mandate

Climate Change Engagement - Brad Lander has been engaging with BlackRock on climate change since 2022 [2] - BlackRock, along with 49 other asset managers, submitted plans to hold portfolio companies accountable to climate change by June 30th [2] - Lander has been reviewing these recommendations for the past five months [3] Asset Manager Recommendations - Lander is recommending that the pension funds stay with 46 out of 49 asset managers [4] - BlackRock's mandate is recommended to be dropped at $42 billion [5] - Fidelity Investments and Panera have a combined $750 million of assets under management for the pension funds and are also recommended to be dropped [5] BlackRock's Response - A BlackRock managing director alleges the firm is abdicating its financial duty and undermining the retirement security of hardworking New Yorkers [3]