Back in May of 2023 Indiana Republican lawmakers passed House Bill 1008 which prohibits the board of Indiana’s public retirement system from, “making an investment decision with the purpose of influencing any social or environmental policy.”
The first firm targeted by the new law is investment giant Blackrock. The company has been placed on a “watchlist” by Indiana Treasurer Daniel Elliot because it manages funds for the Indiana Public Retirement System and has committed to socially conscious investing.
In a press release Elliot stated, “We shouldn’t accept actions that put Hoosier retirees at risk, ESG commitments hurt investments when employed by financial institutions. We must protect our public servants from having their hard-earned savings affected by ESG decisions made by large corporations such as BlackRock.
According to a report in the Indianapolis Star Christopher Van Es a representative of BlackRock responded by stating, “Contrary to the Treasurer’s assertion, BlackRock has been singularly focused on delivering performance for INPRS, consistent with their objectives.”
Under the community section of the sustainability page on BlackRock’s website, there are commitments to investing with a desire to make a postive impact socially and environmentally through partnerships with diverse and sustainable vendors.
Ahbi Reddy, Chief of Staff and Legislative Council for the Indiana Treasurer’s Office, was also quoted as stating that their office is looking into multiple companies, and that BlackRock has been investigated for the past year and just happens to be the first one placed on the “watchlist.”
Terre Haute Vice News 