State AGs Sound the Alarm About BlackRock, Vanguard Buying Large Stakes in Utilities

 Berkshire Hathaway Vice Chairman Says He Doesn't Want Larry Fink to 'Be My Emperor'

• The acquisition by investment managers BlackRock and Vanguard of ever-increasing shares in America's public utility companies is setting off alarm bells from conservatives and progressives alike
• In April, the Federal Energy Regulatory Commission (FERC) approved a request from BlackRock to increase its ownership up to 20 percent of a public utility's voting shares without being deemed an "affiliate" and incurring the regulatory scrutiny and disclosures that come with that
• To gain FERC approval, BlackRock promised they would be "passive" investors and not use their share ownership to influence management

Influence of the Big Three

• BlackRock, State Street, and Vanguard manage the vast majority of index funds, and together have become the largest shareholders in 90 percent of S&P 500 companies
• Each of these firms proudly uses the voting power gained from investors' money to advance liberal social goals known as ESG [environmental, social, and governance] and DEI [diversity, equity, and inclusion]
• They are also partners in global movements to transition from fossil fuels to wind and solar energy

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