World’s biggest fund manager issues 'Darth Vader-style' threat to oust bosses who ignore climate change

Lawyer says energy companies should take
 BlackRock's warning as seriously as a threat
from Darth Vader Lucasfilm

The world’s biggest fund manager has threatened to vote out directors of companies that fail to address the risks posed to their businesses by climate change.

In a post on its website, BlackRock, which controls assets worth $5.1 trillion (about £4.2 trillion), said climate risk was a “systemic issue”.

It said it planned to engage with the companies that are “most exposed to climate risk” over this year to help them tell investors – like BlackRock -- about the financial impacts of global warming and the shift to a low-carbon economy.

In an associated briefing note, BlackRock made clear how serious it was about the issue, pointing to a letter written to businesses by its chief executive Larry Fink which had said “while we are patient investors, we are not infinitely patient”.

Read Ian Johnston’s story in the Independent - “World’s biggest fund manager issues 'Darth Vader-style' threat to oust bosses who ignore climate change.”