NYC Pushes BlackRock Investors to Vote Against Aramco CEO

(Bloomberg) -- New York City Comptroller Brad Lander is pressing BlackRock Inc. shareholders to vote against the election of Saudi Aramco Chief Executive Officer Amin Nasser as an independent member of the company’s board.

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As head of one of the world’s biggest oil companies, Nasser’s appointment would pose potential conflicts of interest, particularly concerning BlackRock’s decarbonization strategy, Lander wrote in a letter to fellow investors.

  • Here’s link to Landler’s filing with the US SEC.

Nasser was named to BlackRock’s board in July. Lander criticized the decision at the time, saying the company’s shareholders “expect climate-competent, not climate-conflicted, directors.”

BlackRock said in a statement that Nasser is “clearly independent” and “brings extensive expertise and insight into corporate operations, risk management and the energy transition, as well as an experienced outlook on international business strategy.”

The New York City Employees’ Retirement System has about $43 million invested in BlackRock and the firm manages roughly $19 billion on behalf of NYCERS.

  • For more ESG-related data about BlackRock, click here.

(Adds statement from BlackRock in fourth paragraph.)

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