By Rob Davies
An investment fund representing 9,000 nuns (click here) has criticised the multitrillion-dollar investment group BlackRock for failing to combat the climate crisis.
The Sisters of Mercy of the Americas called on the world’s largest asset manager, which has $7tn (£5.25tn) of assets, to use its clout to coax companies into moving faster to reduce emissions.
The intervention, via their Mercy Investment Services fund, adds to mounting pressure on globally powerful asset owners to think more radically on climate issues.
Mercy Investment Services filed a joint shareholder motion with a group of investors before BlackRock’s annual meeting.
“We believe it is BlackRock’s fiduciary responsibility to review how climate change quantitatively impacts […] portfolio companies, evaluate how specific shareholder resolutions on climate may impact shareholder value, and vote accordingly,” the group said....
