Tag: GPIF
World’s largest asset manager awarded EU banking mandate World’s largest asset manager awarded EU banking mandate World’s largest asset manager awarded EU banking mandate
Apr 8th, 2020
Blackrock Investment Management has been selected by the European Commission’s financial services directorate to oversee its study on developing “tools and mechanisms” to integrate ESG factors into the EU’s banking sector and prudential framework.
The tender, which was put out in the summer, forms part of the EU’s Action Plan on Sustainable Finance, specifically Action 8 on ‘Incorporating sustainability in prudential requirements’.
The US investment behemoth, itself viewed as a major laggard on sustainability - last month dodging a shareholder proposal on its poor ESG proxy voting record, particularly around climate change - saw off eight other bids, including two from SMEs, for the contract, which is worth €550k.
“Quality and relevance” of methodology was given the greatest weight in the selection process, according to the tender document.
Over the next year, Blackrock will assist the Co