I heard an interview with a guy pushing his book on the intermingling of woke and business. I can't verify this --and I have not read the book--but these points are fascinating.
The financial advisors of BlackRock, State Street, and Vanguard control investment funds amounting to about $20 Trillion. (The GDP of the U.S. in 2020 was about $20 Trillion, the debt a bit more.) These three companies, using American investor dollars, have begun to espouse positions--and make demands on companies they influence to support those positions--that look to be in opposition to the best interests of both their clients and the nation.
Climate activist hedge fund Engine No. 1 recently waged a proxy war to put insurgent directors on Exxon’s board. Reuters described it as “the first major shareholder contest to make climate change the leading issue for choosing directors.” Engine No. 1 was supported by BlackRock, Vanguard, and State Street Global Advisors, which voted their combined 21% of Exxon’s shares in favor of two insurgent directors who won election to Exxon’s board. BlackRock supported a third insurgent who was also elected.
These new members demanded--and got--a decrease in oil drilling and refining--and Exxon's output dropped. The leases they surrendered were picked up by.....PetroChina. a BlackRock client.
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