“BlackRock’s ‘Woke’ Era is Over.” That was a headline in the Wall Street Journal from a few weeks ago. It was a welcome sign that conservatives have made a lot of progress in stopping some large asset managers from injecting their ESG (environmental, social, and governance) beliefs in investments and corporate behavior. The story highlighted how BlackRock has largely abandoned ESG voting in corporate proxy fights and has done away with pushing a DEI agenda. And yet, concerningly, Indiana state leaders still chose to replace BlackRock from state contracts with another asset manager that actually has a more substantial ESG record – showing that more work is required to ferret out the real issues with corporate woke behavior.
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