Gabby Kientzle, gabby.kientzle@sierraclub.org
New York, NY – Today, New York City Comptroller Brad Lander announced that the New York City Employees' Retirement System (NYCERS) will use its shareholder power to vote against Amin Nasser, CEO of Saudi Aramco, for a seat on the board of BlackRock, and is urging other shareholders to do so as well.
In an exempt solicitation filed with the SEC, the NYC Comptroller’s office writes to fellow shareholders that they do not believe Nasser is qualified to serve as an independent director on BlackRock’s board, given conflicts of interest in related-party transactions and climate-related goals. The Comptroller’s filing notes that Saudi Aramco is the world’s largest oil and gas producer, and has been accused of being a major laggard on the energy transition and implicated in human rights violations. BlackRock is the world’s largest asset manager and is deeply intertwined with Aramco and its subsidiaries, as detailed in the filing.
Last July, BlackRock appointed Nasser to its board of directors, a move which was sharply criticized by Lander at the time. This will be the first year that Nasser stands for election to the board. BlackRock’s annual general meeting will be held on May 15.
In response, Jessye Waxman, Senior Strategist with the Sierra Club’s Fossil-Free Finance Campaign, released the following statement:
“BlackRock has repeatedly recognized that climate-related risks threaten its clients and its earnings. Giving a board seat to the CEO of the world’s largest oil company and a vocal advocate for fossil fuel expansion flies in the face of responsible risk management and climate leadership. Any BlackRock shareholder concerned about the financial impacts of the climate crisis, human rights, or responsible corporate governance should strongly consider voting against Nasser’s election to the board.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.