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Fink’s Annual Letter Draws Fresh Backlash, This Time From Texas

  • Lieutenant governor criticizes firm over its energy policies
  • BlackRock said it’s not seeking to divest from energy firms
Larry Fink,

Larry Fink,

Photographer: Alex Kraus/Bloomberg

Texas is taking issue with BlackRock Inc. Chief Executive Officer Larry Fink’s latest annual letter, in which he sought to clarify the firm’s stance on fossil-fuel consumption and climate goals. 

Lieutenant Governor Dan Patrick issued a letter of his own Wednesday, urging the state comptroller to add the world’s largest asset manager to its list of financial companies that have cut ties with the state’s oil and gas industry. Patrick cited a new Texas law that restricts the state from doing business with firms that refuse to work with energy companies.