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Activist Bluebell to escalate BlackRock ESG opposition

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London-based activist hedge fund firm Bluebell is planning to up its opposition to $10tn funds giant BlackRock’s high-profile environmental, social and governance (ESG) investment agenda, according to a report by The Times.

The investment firm, whose previous big-name targets include Danone and GSK, believes the $10tn asset manager’s current ESG stance exposes it to reputational risk, in both the public and political spheres, with US Republicans already objecting to its pro-environment investment agenda.

BlackRock has also been hypocritical in its approach according to Bluebell, opposing action in some cases that might be considered as ESG-aligned, including the hedge fund’s attempt to prevent Belgian chemical company, Solvay, dumping soda ash in the Mediterranean Sea.

Bluebell, who’s main fund is small at just $120m, first began agitating for change at BlackRock back in late 2022, but it is reportedly planing to redouble its efforts because of a perceived lack of action since then.

According to The Times, BlackRock will publish new material on ESG policies before BlackRock files its next proxy statement for shareholders ahead its annual general meeting.

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