BlackRock Appoints CEO of Saudi Aramco to Board of Directors
BlackRock’s Expansion in the Middle East
BlackRock, the world’s largest asset manager with over $8 trillion in client assets, announced on Monday that Amin Nasser, the CEO of Saudi Aramco, is joining its board of directors. This move reflects BlackRock’s long-term strategy of emphasizing the Middle East.
Amin Nasser’s Unique Perspective
Larry Fink, chairman and CEO of BlackRock, praised Amin Nasser’s distinguished career at Saudi Aramco, spanning over four decades. Nasser’s leadership experience, understanding of the global energy industry, drivers of the shift towards a low carbon economy, and knowledge of the Middle East region will contribute meaningfully to the BlackRock Board dialogue.
Aramco’s Achievements and BlackRock’s ESG Policies
Nasser has been the CEO of Aramco since 2015 and oversaw the public listing of the oil company in 2019. In 2021, Aramco announced its proposal to achieve net-zero gas emissions by 2050. BlackRock has been a leader in adopting environmental, social, and corporate governance (ESG) guidelines, although it has faced criticism for its fossil fuel investments. The firm has been targeted by politicians, such as Texas Comptroller Glenn Hegar and Florida’s chief financial officer Jimmy Patronis, for its ESG policies.
BlackRock’s Stance on Climate Data
BlackRock’s CEO, Larry Fink, has emphasized that asset managers like BlackRock are not the “environmental police.” However, he believes it is the firm’s fiduciary duty to provide investors with access to complete and accurate information, including climate data, to make informed financial investment decisions.
Popular ESG Fund
One of BlackRock’s popular ESG exchange-traded funds, iShares ESG Aware MSCI USA ETF, currently manages nearly $15 billion in assets.
BlackRock Appoints CEO of Saudi Aramco to Board of Directors
BlackRock’s Expansion in the Middle East
BlackRock, the world’s largest asset manager with over $8 trillion in client assets, announced on Monday that Amin Nasser, the CEO of Saudi Aramco, is joining its board of directors. This move reflects BlackRock’s long-term strategy of emphasizing the Middle East.
Amin Nasser’s Unique Perspective
Larry Fink, chairman and CEO of BlackRock, praised Amin Nasser’s distinguished career at Saudi Aramco, spanning over four decades. Nasser’s leadership experience, understanding of the global energy industry, drivers of the shift towards a low carbon economy, and knowledge of the Middle East region will contribute meaningfully to the BlackRock Board dialogue.
Aramco’s Achievements and BlackRock’s ESG Policies
Nasser has been the CEO of Aramco since 2015 and oversaw the public listing of the oil company in 2019. In 2021, Aramco announced its proposal to achieve net-zero gas emissions by 2050. BlackRock has been a leader in adopting environmental, social, and corporate governance (ESG) guidelines, although it has faced criticism for its fossil fuel investments. The firm has been targeted by politicians, such as Texas Comptroller Glenn Hegar and Florida’s chief financial officer Jimmy Patronis, for its ESG policies.
BlackRock’s Stance on Climate Data
BlackRock’s CEO, Larry Fink, has emphasized that asset managers like BlackRock are not the “environmental police.” However, he believes it is the firm’s fiduciary duty to provide investors with access to complete and accurate information, including climate data, to make informed financial investment decisions.
Popular ESG Fund
One of BlackRock’s popular ESG exchange-traded funds, iShares ESG Aware MSCI USA ETF, currently manages nearly $15 billion in assets.