European Ombudsman opens inquiry into BlackRock ESG advisory contract
Green lawmakers and NGOs say asset manager faces conflicts of interest, but firm rejects claims
The European Ombudsman will investigate the European Commission’s (EC) decision to hire BlackRock as an adviser following complaints from Green lawmakers and advocacy groups.
In April 2020, the EC selected BlackRock, one of the world’s largest asset managers, to advise on integrating environmental, social and governance (ESG) criteria into banking regulation.
BlackRock was to be paid €280,000, excluding VAT, for its contributions.
On July 5, the European Ombudsman announced it had requested a
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