Rep. Attorneys General Call For Scrutiny Of Blackrock

Republican state attorneys general in the US have asked the Federal Energy Regulatory Commission to scrutinize BlackRock's ownership of utilities. The group of 17 attorneys general, citing BlackRock's participation in efforts to limit climate change, filed the motion days after rival Vanguard Group overcame a similar challenge. The attorneys asked FERC to audit whether BlackRock has complied with a 2022 order allowing it to own more than 10% of US utility shares. BlackRock has joined initiatives including the Net Zero Asset Managers in an effort to influence utility company operations. BlackRock, which manages $9.1tn, said it operates independently and is a fiduciary focused on achieving the best financial outcomes for its clients.