BlackRock

In July 2022, West Virginia placed BlackRock on its Restricted Financial Institutions List for its “boycott of energy companies” according to its ESG policies and publicly available statements. The West Virginia State Treasurer will remove BlackRock from the list “if the institution demonstrates that it has ceased all activity that boycotts energy companies according to West Virginia Code §§12-1C-1″ (1)(2). On May 3, 2023, BlackRock was placed on Oklahoma’s Restricted Financial Companies List for allegedly boycotting energy companies, as defined in 74 O.S. §12002(A)(l). After being placed on this list, BlackRock had 90 days to “cease engaging in the energy company boycott to avoid qualifying for divestment by the state governmental entity.” BlackRock did not cease its boycott and therefore remained on the 2024 list. In September 2024, however, following a legal challenge by a state retiree, an Oklahoma County district judge issued a permanent injunction prohibiting enforcement of the Oklahoma Energy Discrimination Act of 2022, the law that granted the State Treasurer authority to create and maintain the Restricted Financial Companies List. The court found that the Act contained “conflicting and vague provisions as to the exemptions/exceptions governmental entities may claim and conflicts to the required evidentiary standards.” The plaintiff argued that blacklisting firms that refuse to invest in oil and gas companies due to ESG policies harmed Oklahoma’s public pension funds. The defense, however, representing Treasurer Todd Russ, contended that continuing to do business with such firms undermined the state’s energy economy. In December 2024, the Oklahoma Attorney General Gentner Drummond appealed the injunction to the Oklahoma Supreme Court. The case remains pending (3)(4)(5)(6). In August 2022, Texas placed one or more funds from BlackRock on its List of Financial Companies that Boycott Energy Companies list. The Comptroller’s office examined publicly available data, including licensed information from Bloomberg, LSEG Workspace, and MSCI, to identify U.S.-based funds that appear to restrict or prohibit investments in energy companies. However, in February 2026, a federal judge in Austin issued a ruling prohibiting enforcement of SB 13, the law that allowed the Texas Comptroller to create and maintain its Financial Companies that Boycott Energy Companies list. The court held that the law infringed upon First and Fourteenth Amendment protections. The plaintiffs argued that SB 13 unlawfully penalized financial firms for engaging in protected speech and investment decisions related to ESG policies, effectively compelling viewpoint-based certifications to do business with the state. The State of Texas, however, contended that SB 13 represented a lawful exercise of its authority to direct state investments and contracting decisions and to protect the state’s energy industry from what it characterized as discriminatory financial practices. In February 2026, the Texas Comptroller’s Office and the Texas Attorney General’s Office appealed the ruling to the Fifth Circuit Court of Appeals. The case remains pending (7)(8)(9)(10)(11). The company consistently leverages its funds to pressure companies towards change around issues like racial equity, gender diversity, and climate change (12)(13). If a company is noncompliant, BlackRock takes action to vote against Board Members, bring shareholder resolutions on behalf of all of their clients (regardless of those clients’ potential disagreements), and more. In 2018, after the Parkland shooting, BlackRock de-listed retailers that sell ammunition from some of its mutual funds (14). BlackRock’s CEO, Larry Fink, unabashedly promotes his viewpoints and thrusts them onto companies via financial threats, proxy votes, and signaling in his regular letters to CEOs (15)(16). Due to an allegedly discriminatory internship program, America First Legal filed a complaint against BlackRock with the EEOC (17)(18). The company is a signatory of the Principles for Responsible Investment, incorporating ESG issues into investment analysis, decision-making, and other business practices (19)(20). BlackRock received a score of 100 on the 2025 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (21)(22). BlackRock “was removed from Texas’ blacklist of companies that boycott fossil fuels” after “roll[ing] back many of its green-focused initiatives, including exiting the Net Zero Asset Managers initiative and stepping back from the Climate Action 100+” (23).

Blackrock‘s HRC 2025 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (1)(2). The company likely uses Benevity as its charitable giving platform. Benevity vets charities according to the Southern Poverty Law Center’s Hate List, which includes mainstream libertarian, conservative, family, and religious advocacy organizations (3)(4)(5).

BlackRock‘s HRC 2025 CEI rating indicates the company forces employees to attend multiple, controversial trainings on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides gender transition guidelines for its employees and a specific benefits guide with a comprehensive explanation of transgender services funded by the company (1)(2). 11 Attorneys General wrote a letter to BlackRock regarding its DEI policies, arguing that business and investment decisions based on race/sex could violate the company’s fiduciary duty to maximize shareholder value (3)(4). In April 2023 America First Legal filed a letter with the EEOC requesting a civil rights investigation into BlackRock over discriminatory practices in hiring (5)(6). However, in March 2025, the firm pledged to no longer discriminate based on race/sex in hiring (7). It protects its employees against viewpoint discrimination (8).

BlackRock‘s HRC 2025 CEI rating indicates the company agrees to allow a controversial stakeholder group focused on sexual identity issues to dictate marketing or advertising strategy. By doing so, the company risks dividing employees, alienating customers and harming shareholders (1)(2). The company signed an open letter endorsing the Equality Act, a contentious proposal to amend the 1964 Civil Rights Act by adding sexual orientation and so-called gender identity as protected categories. The legislation would, among other implications, grant biological men access to women-only spaces such as sports teams and public restrooms, and compel healthcare providers to deliver sex-denying healthcare and denounced state election integrity efforts (3). The company’s CEO Larry Fink said that “climate risk is investment risk” and has used this justification to impose strict ESG requirements on all of BlackRock’s clients (4). BlackRock CEO Larry Fink is a member of the Business Roundtable and signed its 2019 Statement on the Purpose of a Corporation, which promotes stakeholder capitalism over traditional obligations to shareholders (5)(6). BlackRock is a member of the Ceres Network (7). BlackRock was a member of Climate Action 100+ but “transferred its participation in Climate Action 100+ to BlackRock International” in February 2024 likely over growing concerns of potential antitrust violations (8)(9)(10). BlackRock is a member of the Partnership for Carbon Accounting Financials, committed to net zero carbon emissions by 2050 (11). BlackRock is a signatory to the CFA Institute’s Diversity, Equity, and Inclusion Code, indicating its support of DEI in its recruitment, hiring, onboarding, and promotions. Furthermore, the company pledges to integrate DEI into its policies, promote DEI in the investment industry, and provide regular reporting on its DEI metrics to the CFA Institute (12)(13)(14). The company’s CEO, Larry Fink, signed the CEO Action for Diversity & Inclusion pledge, which includes a commitment to promote DEI through bias education training in the workplace (15)(16). BlackRock’s Global Infrastructure Partners is a member of Carbon Measures, an organization committed to “establishing a more accurate carbon accounting framework and driving market-based solutions to reduce emissions at the lowest cost” (17)(18). The company was a member of the Net Zero Asset Managers (NZAM) Initiative, committed to net zero carbon emissions by 2050. However, it withdrew its membership in January 2025, likely over growing concerns of potential antitrust violations. NZAM subsequently stopped tracking signatory implementation and reporting and will consult its signatories as it reviews its initiative to ensure it is “fit for purpose in the new global context” (19)(20)(21). BlackRock had a history of supporting DEI. However, in February 2025, the company removed mentions of DEI from its annual report (22).

BlackRock provides a benefits package for employees that covers travel/lodging costs for an abortion and transgender medical procedures for covered employees and dependents, including children (1)(2)(3)(4). BlackRock‘s HRC 2025 CEI rating indicates the company covers transgender related costs for its employees and their children, including paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits and lab monitoring, travel and lodging. Additionally, the company has pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (5)(6). The company stated, “Through company-sponsored health insurance, we have long provided reproductive health care services, including coverage for birth control and abortion or miscarriage care” (7). For companies that do not meet its ESG requirements, BlackRock has threatened to sell its existing shares (8). For example, if a company does not meet its diversity hiring quotas, BlackRock has threatened to vote for pay cuts to executives’ salaries (9). In 2021 alone, BlackRock voted against 1,862 board members at 975 companies for “lacking racial diversity” (10). The company even has a racial equity task force that conducts “racial equity audits” (11). It imposes carbon-neutral goals and climate disclosures, as well as other Paris Climate Accord requirements, on some of its Western clients and index funds but not in China (12). The company has pledged to vote against directors at companies simply because of a low score in BlackRock’s own proprietary environmental rating system (13). Its ESG metrics account for news/media controversy that could even lead to a company’s removal from an index. In 2021, BlackRock held 2,300 conversations with corporate executives regarding climate issues and voted against 255 corporate directors, and did not support management at 319 companies due to climate-related issues (14). Furthermore, BlackRock used its 5% ownership of ExxonMobil to aid in the hostile shareholder takeover at ExxonMobil in June 2021 (15). It aims to make the energy company carbon neutral. The company pledged over $800 million to Black Lives Matter movement and related causes (16)(17)(18). Otherwise, there are no publicly known cases of the company using corporate funds to advance ideological causes, organizations, or policies (19).

BlackRock‘s HRC 2025 CEI rating indicates the company publicly advocated for controversial sex and gender ideology through local, state or federal legislation or initiatives. By allowing a political stakeholder group to dictate operations, the company risks dividing employees, alienating customers and harming shareholders (1)(2). The company has not used its PAC donations for ideological purposes and has not reported on its lobbying (3)(4)(5).