New York City (NYC) Comptroller Brad Lander has announced that the New York City Employees’ Retirement System (NYCERS) will use its shareholder power to vote against the board-level appointment of Saudi Aramco CEO Amin Nasser at BlackRock, urging other shareholders to follow suit. In an exempt solicitation filed with the US Securities and Exchange Commission, the NYC Comptroller’s office wrote to fellow shareholders that they did not believe Nasser was qualified to serve as an independent director on BlackRock’s board, given conflicts of interest in related party transactions and climate goals. The filing also noted that Saudi Aramco is the world’s largest oil and gas producer, and has been accused of being a major laggard in the energy transition and is 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, the asset manager appointed Nasser to its board of directors – a move that was sharply criticised by Lander at the time. This will be the first year that Nasser stands for election to the board, during BlackRock’s annual general meeting on 15 May. “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,” said Jessye Waxman, Senior Strategist for NGO Sierra Club’s Fossil-Free Finance Campaign. “BlackRock has repeatedly recognised that climate-related risks threaten its clients and earnings. Any 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.”
