Francisco Guerreiro disputes study assignment to BlackRock due to conflict of interest

Francisco Guerreiro disputes study assignment to BlackRock due to conflict of interest

  • Thursday, 16 April 2020

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Brussels, 16 April 2020 – MEP Francisco Guerreiro (Greens/EFA) joined several MEPs to dispute the award of a contract to BlackRock to carry out a study on how the European Union could best integrate environmental, social and  governance (ESG) factors into its banking supervision.

Motivating this challenge is the relationship between the goal of the study and the explicit conflict of interest that arises from the investments made by BlackRock. In addition to being one of the largest investors in banking assets and fossil fuels, BlackRock invests heavily in the weapons industry. 

Along with this letter calling for the canceling of the contract, a complaint was also filled with the European Ombudsperson, calling for an investigation of this tendering procedure.

Those who signed the letter and the complaint to the European Ombudsperson consider that BlackRock may seek to protect the industrial sector in which it invests heavily by influencing the decision-making in favour of softer environmental rules.

Read the letter to the European Commission and the complaint to the European Ombudsperson below.

 


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