BlackRock CEO Larry Fink's recent comments on ESG (Environmental, Social, and Governance) investing have drawn criticism, particularly from Will Hild, executive director of Consumers' Research. Hild argues that Fink and BlackRock are "poster children for ESG," using their significant market power to advance a progressive political agenda. He believes ESG is a distortion of free-market principles, diverting companies from their core focus of serving consumers.

Fink, speaking at the Aspen Ideas Festival, expressed discomfort with the politicization of ESG, claiming the term has been "misused by the far left and far right." He emphasized his belief in "conscientious capitalism," suggesting a shift away from the ESG label. However, Hild views this as a superficial rebranding, arguing that "conscientious capitalism" is simply a new term for the same progressive agenda.

Consumers' Research launched a campaign against BlackRock, criticizing Fink's ties to China and his promotion of ESG. The campaign website accuses BlackRock of using its influence to push a radical agenda, potentially jeopardizing investors' returns. This criticism echoes concerns raised by GOP lawmakers and other critics who argue that ESG investing violates fiduciary duties by prioritizing a "woke agenda" over financial objectives.

Hild also pointed to BlackRock's influence on corporate boards, citing their role in electing environmentalists to Exxon's board. He believes this demonstrates BlackRock's commitment to advancing its progressive agenda, even at the expense of affordable energy for consumers. Consumers' Research defines ESG as an investment strategy that analyzes organizations based on environmental impact, social stances, and corporate governance, but argues that it's being used by political activists to push a progressive agenda through economic coercion. Hild compared ESG to critical race theory, suggesting that even without the label, the underlying principles persist. He pledged that Consumers' Research will continue to monitor BlackRock's activities.