ESG and Larry Fink w/ Will Hild: The J. Burden Show Ep. 409
Jan 19, 2026
Will Hild, Executive Director of Consumers Research, dives deep into the world of ESG, challenging the dominance of major asset managers like BlackRock. He discusses how these firms push progressive agendas that affect corporate governance and consumer products. Hild highlights alarming examples, such as the potential incompetence arising from DEI hiring practices at companies like Boeing and Cracker Barrel. He argues for the need for conservatives to impose consequences on managers who stray from their fiduciary responsibilities and discusses ways to hold firms accountable.
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ESG Is Bigger Than Branded Funds
- ESG is a broad phenomenon where financial firms use market power to push a progressive agenda beyond labeled ESG funds.
- Passive asset managers like BlackRock gain stewardship power by owning large shares and influencing corporate behavior via votes and engagement.
Passive Ownership Becomes Political Power
- Passive index managers accumulated huge ownership stakes and thus voting power across corporate America.
- That concentrated stewardship lets firms set incentives and influence boards, compensation, and corporate strategy.
Engagement Replaces Market Discipline
- Asset managers use 'corporate engagement' to pressure management with carrot-and-stick tactics rather than selling shares.
- They threaten votes on boards and compensation to force non-pecuniary demands like net-zero commitments.


