One of the largest investment managers for several state pension funds, including a portion of the Kansas Public Employees Retirement System(KPERS) portfolio, is asked to clarify its priorities and ensure that investor money is not being used to further the firm’s political agenda related to energy policy.

Kansas Attorney General Derek Schmidt sent a letter to Laurence Fink, CEO of BlackRock, Inc., along with 18 other state AGs expressing concerns that the company’s conflicting statements regarding its investment policies are at odds with its fiduciary responsibility to seek returns for investors. The letter also said that BlackRock was using its assets to pressure companies to comply with the forced phase-out of fossil fuels, which increases energy prices, drives up inflation, and weakens the United States national security.

The attorneys general went on to say that BlackRock is a far cry from being a spectator betting on the game, but appears to have put on a quarterback jersey and has actively taken the field. They made it clear that pensioners’ retirements will not be sacrificed for BlackRock’s climate agenda.

Schmidt said determining BlackRock’s actual position on investing priorities will help to ensure the more than $1.1 billion in additional payments to KPERS by this year’s Legislature is invested wisely to maximize returns – not used to support political priorities.