The services of BlackRock, which managed $2 billion in the state's long-duration portfolio and its short-term investment fund, have been terminated due to CEO Laurence D. Fink's "campaign to change the world" in utilizing environmental, social, and governance standards (ESG)."

Florida Chief Financial Officer Jimmy Patronis shared in a release that Florida's Treasury Division is divesting from BlackRock because they openly stated their investment management has additional goals besides producing investment returns, according to Pensions&Investments.com.

In contrast to the Treasury Division's views, BlackRock released a statement claiming that it is a fiduciary, and "that as a fiduciary, everything the firm does is with the "sole goal of driving returns for our clients."

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