In 2018, BlackRock CEO Larry Fink wrote his annual letter as in previous years—but this one was different in that he broached the subject of companies serving “a social purpose.” That marked the world’s largest asset manager’s entry into a long-drawn political debate over investments that prioritize ESG (environmental, social, and governance) factors.
But five years after championing the cause, Fink now says he’s “ashamed” of being part of all the ESG talk—not because it isn’t worthwhile, but because it has become too politicized.
