BlackRock May Have to Rebid for 3 NYC Pension Funds Over Climate Issues

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BlackRock (BLK) should be asked to rebid for public equities index mandates for three New York City pension funds because of "inadequate decarbonization plans," Comptroller Brad Lander said Wednesday.

As comptroller, Lander is the trustee and fiduciary for the city's pension funds.

Lander said he updated the city's Net Zero Implementation Plan and recommended that the New York City Employees' Retirement System, the Teachers' Retirement System, and the Board of Education Retirement System rebid BlackRock's mandates and terminate those of Fidelity and PanAgora.

BlackRock, which manages $42.3 billion of index funds for the pensions, as well as Fidelity and PanAgora were found to have "failed to meet the systems' climate expectations," Lander said.

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