A new report from the Action Center on Race and the Economy (ACRE) and LittleSis was released showing that BlackRock’s Lead Independent Director Murry Gerber has doubled down on his investments in fossil fuels despite BlackRock’s public claims that it is committed to reducing climate risk.
Today, a new report from the Action Center on Race and the Economy (ACRE) and LittleSis was released showing that BlackRock’s Lead Independent Director Murry Gerber has doubled down on his investments in fossil fuels despite BlackRock’s public claims that it is committed to reducing climate risk.
This is the polar opposite of the visionary climate leadership needed to turn BlackRock’s climate rhetoric into action. Murray Gerber has got to go. Read the full report here.
BlackRock is trying to navigate the challenges of the climate crisis while its Lead Independent Director (LID) personally invests millions in the fossil fuel industry and directs Halliburton, a major corporation whose core business is in the oil and gas industry. Gerber, as the LID of BlackRock, is in a deeply conflicted position. One company he directs and profits from (Halliburton) sees risks and threats to its profits in the climate commitments being adopted by another company Gerber directs and profits from (BlackRock).
How can we expect BlackRock to follow through on its climate commitments when its board is heavily tied to, and profiting from, fossil fuel industries and climate chaos?
BlackRock has called for the companies it invests in to have climate competent boards, yet its own board is heavily tied to fossil fuels. This is categorically unacceptable. BlackRock’s climate leadership must start with its own board and business practices.
We’re going to keep demanding accountability from BlackRock and advocating for Gerber’s resignation. Watch this space for more updates.
