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Tags: jimmy patronis | florida | blackrock | esg

Florida CFO to Newsmax: BlackRock Focused on ESG, Not Bottom Line

By    |   Wednesday, 22 February 2023 07:50 PM EST

Jimmy Patronis, Florida's chief financial officer, defended Wednesday on Newsmax his state's decision to divest more than $2 billion from BlackRock Inc., the world's largest asset management firm, because it is making financial decisions based on environmental and social (ESG) policies.

An article by the liberal New Republic published Feb. 15 titled "The Right Has It In for Woke Investors. The Only Problem? They Don't Exist" included this passage: "Undergirding the anti-ESG movement is a familiar network of right-wing think tanks receiving hearty backing from some of the same donors that supported an earlier generation of self-described climate skeptics."

But Patronis, on "Spicer & Co." scoffed at such a characterization. He said he grew up in the restaurant business — his family has owned the Capt. Anderson restaurant in Panama City, Florida, since 1967 — and if the restaurant didn't cater to the customers' needs, the customers would go elsewhere.

"If a customer was coming out, and they were ordering broiled fish, and I started serving them salads and only served them salads, you know what the customers would do? They would leave and find another restaurant to eat at.

"So, this is exactly what the state of Florida is doing. We are trying to shop for the absolute best return on our investment, and it's sad that ESG has turned into the more woke you are, the easier it is to access capital. It's a shame, it's disappointing."

Patronis said Florida is taking matters into its own hands and divesting from the likes of Black Rock because its ideology and political doctrine does not focus "on the bottom line of retirees."

"Simple as that," he said.

Louisiana and Missouri have joined Florida in pulling investments from BlackRock because of its ESG policies. In October, Louisiana said it will pull $794 million and Missouri said it will pull $500 million.

Patronis said when he informs people what ESG is and how the federal government is pushing companies to create investment policies around it – earlier this month, the Transportation Department said it would approve millions toward port infrastructure, but only if ESG policies are implemented — they are "shocked."

"They didn't realize that this is actually forced by the government, by the [Securities and Exchange Commission] as a way to do business," he said.

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Jimmy Patronis, Florida's chief financial officer, defended Wednesday on Newsmax his state's decision to divest more than $2 billion from BlackRock Inc., the world's largest asset management firm.
jimmy patronis, florida, blackrock, esg
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2023-50-22
Wednesday, 22 February 2023 07:50 PM
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