Collusion and conflicts of interest regarding the Commission’s choice of BlackRock to draft a report
Question for written answer E-002375/2020
to the Commission
Manuel Bompard (GUE/NGL), Anne-Sophie Pelletier (GUE/NGL), Manon Aubry (GUE/NGL), Leila Chaibi (GUE/NGL), Emmanuel Maurel (GUE/NGL), Younous Omarjee (GUE/NGL)
On 8 April 2020, the Commission selected BlackRock to draft a report on the incorporation of environmental and social factors into banks’ supervisory mandates.
It is well known that the asset manager lobbied European authorities intensely  , as evidenced by the reform of the pensions system promoted by the Commission.
In June 2017, BlackRock’s CEO was received by President Macron; in March 2018 the CEO was received by France’s High Commissioner for Pensions; in June 2019 BlackRock advised the French Government on pension reform; and in January 2020 President Macron decorated the CEO of BlackRock’s French subsidiary. At the same time, BlackRock was advising the Commission on the creation of a pan-European individual retirement savings product, which was set up in 2019.
Upon learning of this, the delegation of Parliament’s ‘La France Insoumise’ party became concerned that a company with 87 billion shares in fossil fuel companies would be advising the Commission on the environmental and social factors to be incorporated into banks’ supervisory mandates.
- 1.Does the Commission intend to publish details of the procedure used to award this contract and the purposes of the study it commissioned?
- 2.Does the Commission plan to end this conflict of interest?
-  According to the European Union Transparency Register, BlackRock’s lobbying expenses in 2018 came to between EUR 1.2 million and EUR 1.5 million.