Supports Continued Focus on Fiduciary Duty
STATEHOUSE — State Comptroller Elise Nieshalla voted to affirm today the existence of comparable asset managers as an alternative to BlackRock in providing Global Inflation-Linked Bonds for the Indiana Public Retirement System (INPRS). This action was taken pursuant to Indiana House Enrolled Act 1008 from the 2023 legislative session, and the vote was unanimous. INPRS is now responsible for selecting a different asset manager for these bonds.
“I commend State Treasurer Daniel Elliott for his thorough research regarding BlackRock’s involvement in broad reaching priorities that are non-fiduciary and focused on social and environmental policy initiatives,” said Comptroller Nieshalla. “State retirees and employees deserve to benefit from investment managers who focus solely on fiduciary duty.”
Board members were presented with solid evidence based on documents BlackRock filed with the SEC that demonstrate its engagement with an ESG focused agenda.
“I do commend BlackRock’s recent action to discontinue its affiliation with Climate Action 100+, but more needs to be done including ending its support of Net Zero and similar initiatives to demonstrate a refocused commitment of prioritizing beneficiaries over a political agenda.”
