Comptroller Brad Lander serves as a trustee and the custodian and investment advisor to the City’s pension funds and retirement systems. This post is based on Comptroller Lander’s recent letter to BlackRock shareholders on behalf of the New York City Employees’ Retirement System (NYCERS).
The New York City Employees’ Retirement System (NYCERS) is urging BlackRock shareholders to vote against the appointment of Amin Nasser, CEO of Saudi Aramco, to BlackRock’s Board of Directors at the company’s annual meeting on May 15, 2024. NYCERS has approximately $43 million invested in BlackRock common stock. Additionally, BlackRock manages approximately $19 billion on NYCERS’ behalf.
As summarized in my letter to BlackRock shareholders, potential conflicts of interest compromise Nasser’s ability to provide independent oversight, both in general, and particularly concerning BlackRock’s decarbonization strategy. Moreover, Nasser’s position as CEO of a company implicated in one of the largest alleged climate-related breaches of international human rights law is an unwarranted reputational risk for BlackRock, its Board of Directors, and its shareholders.