Written by Richard D. Kocur |
Monday, October 17, 2022
Disney faced pressure from gender equity activists and employees for not doing enough to oppose the bill. Then, after coming out in opposition, Disney faced blowback from parents who believed the company should simply focus on providing family entertainment. On that issue, Disney management spun around more than a rider on the theme park’s iconic Teacup ride. And why? Because of ill-conceived social activism on an issue that was irrelevant to the primary role of the business. Now Blackrock finds itself in a comparable position as a result of a similar activist pursuit.

With the stock market down nearly 20% year-to-date in 2022, investors are paying close attention to the financial performance of their portfolios: seeking to protect 401Ks, looking for safe havens, and trusting that their fiduciary asset managers are making the right decisions with ever-shrinking nest eggs. The last thing any investor would want now is for asset managers to be investing in companies for any reason other than to maximize financial return.
Unfortunately, that is exactly what the world’s largest asset manager, Blackrock Inc., is doing through an emphasis on Environmental, Social, and Governance (ESG) investing. This mode of corporate social activism has placed Blackrock in a difficult position, however, as pressure from both sides of the ESG issue close in on the company. Blackrock has become the latest example of a company experiencing the consequences of corporate social activism.
The movement to emphasize ESG within corporate structures and as corporate objectives first emerged in the early 2000s. ESG-focused investing directs capital to companies with stated goals on issues like climate change and social justice. Financial returns are a secondary concern to those who want to support or pressure companies to commit to ESG standards and enact policies to reach those standards.
With approximately $10 trillion in assets under management, Blackrock wields substantial power over where their assets, and by extension the assets of anyone invested in Blackrock, are placed. An August 16 editorial in the Wall Street Journal noted how Blackrock pressured companies to “avoid investing in fossil-fuel assets … and reduce emissions to achieve net zero by 2050.” In essence, putting pressure on the companies in which Blackrock invests to adopt ESG standards. If Blackrock’s blackmail is resisted, proxy shares are voted against management. This approach puts activism above shareholders’ returns. But Blackrock is beginning to see a backlash.
In late summer 2022, attorneys general from 19 Republican states sent a letter to Blackrock CEO Larry Fink seeking answers about potential conflicts between the firm’s ESG investing practices and his company’s fiduciary duty. In addition, states such as Texas and Louisiana have begun to bar state investment in any Blackrock fund that pushes ESG standards. With billions in state pension dollars and the investments of individual citizens at stake, the AGs and state comptrollers are calling Blackrock on the carpet.
In addition to this political reaction, market forces have also stepped into the ESG fight. A new investment alternative to ESG funds was recently launched by Strive Asset Management. Strive created a fund that mirrors Blackrock’s U.S. Energy Index Fund (IYE) but with a commitment to pursue non-ESG policies.
If pressure from those in opposition to ESG was not enough, Blackrock is also facing pushback from ESG advocates. In late September 2022, officials responsible for the public pension funds in New York City sent a letter to Fink pressing Blackrock to recommit to achieving net-zero emissions across its investment portfolio and to vote more in line with climate-related shareholder initiatives. Blackrock manages approximately $43 billion in investments for three New York City pension funds, according to a September 2022 article in the Wall Street Journal.
Blackrock could take a lesson from the investment adage, “past performance is no guarantee of future results.” In the case of corporate social activism, past performance is a guarantee of future results. One only needs to look back to the mess in which the Walt Disney Corporation found itself because of its stance on Florida’s Parental Rights bill.
First, Disney faced pressure from gender equity activists and employees for not doing enough to oppose the bill. Then, after coming out in opposition, Disney faced blowback from parents who believed the company should simply focus on providing family entertainment. On that issue, Disney management spun around more than a rider on the theme park’s iconic Teacup ride. And why? Because of ill-conceived social activism on an issue that was irrelevant to the primary role of the business. Now Blackrock finds itself in a comparable position as a result of a similar activist pursuit.
Pressured from both sides of the ESG issue, they have now put themselves between a Blackrock and a hard place.
The author thanks Alex Heisey for his help in gathering research for this article.
Dr. Richard D. Kocur is an assistant professor of business at Grove City College. This article is used with permission.
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Let us consider that it is far better to suffer than to be disgraced; that it is better to strive against evil than to succumb to it effetely; that loyalty and unity of heart are virtues for which no transient prosperity could make up to us if haply they were lost; that when the soul of a people moves as it does, thank God today with one strong impulse toward that which is just and right, that our soul is growing every hour to true nobility and to the worthiness of its mission.

The following excerpts were selected from a sermon preached by Morgan Dix just a few days after the beginning of the Civil War in April 1861. Considering the turmoil presently found in our stormy social and political climate, both here and abroad, it seems fitting that these words might likewise find some resonance in our day. — Editor.
The Way of God in the Storm
“The Lord hath His way in the whirlwind and in the storm, and the clouds are the dust of His feet,” saith the prophet (Nahum 1:3). And the way of the Lord, whether it be in the whirlwind or in the summer’s breeze, in the storm or in the fair weather, is a way of justice, of mercy, and of truth. If a storm arises and blows, be it lighter or heavier, we need not fear if we know that the way of the Lord is there. Even in the whirlwind and in the storm “let the people praise Thee, O God, yea, let all the people praise Thee” (Psalm 67:5).
Storms are not the worst and greatest evils. Ask the sailor which he will choose, a mere storm or the dead calm of windless waters; and do not doubt his reply. Ask the wretched inhabitant of some pestilential climate, on which the stillness of the curse lies heavy day after day, what he would give for a storm from the cool, healthy north to blow upon the fever swamps and drive the destroyer from before it.
Yes, brethren, the words of the prophet are true, and the way of the Lord is in the storm. The storm is His minister of mercy and benefit, though in a rough, fierce way of its own. The storm does us good service in keeping the equilibrium among the elements, and it ministers beneficial discipline in its time — just as God appoints. This is the mission of the stormy wind and tempest in the firmament above: angry of face, but full of benefit and good; stern and sharp, but profitable also.
And that which is true in the firmament is just as true beneath it. Here, upon the way of this life, rises storm after storm. Here, also, the winds blow and beat upon the earthly house of this tabernacle. Here are blast and tempest along the way of each man, and of each community, and of all the nations upon earth. But the way of God is in them here below as well as up there over our heads.
Here, likewise, the clouds of strife and struggle are the “dust of His feet.” Here, also, have storm and tempest found their needful place and their healthful mission. It is so with them all. All are but God’s means of castigation which we need, and of advancement of which we have when we have been deemed worthy. This is true of the storms of life, whether they eddy in a narrow radius around one man, or around each one of us in his turn; or whether they gather into notable volume around some whole community; or whether, lastly, they expand to the compass of the round cyclone, and getting leverage below, through the strong arms of the earthquake, where it might shake the mighty nation and the ancient and honorable people to its center.
Finding the Virtue in the Storm
It is not the part of men to fly from the storm every time it falls upon them, but to look it full in the face; to search amid its folds and its rising fury for the mysterious way of the Lord which is surely therein. And, by doing so, to draw from it the virtue and the strength which are lodged there; thus rising, with added security from the temporary shock, to be taught by the event and gain a reverence and fear of the Lord.
Brethren, there is a deep and divine philosophy, crystallized into visible shape in nature, illustrated in all the inner history of man, and assented to by the convictions of the heart wherever that heart beats. It is a teaching, one and the same for every place, every age and every time. This philosophy runs thus: that all things are purified by trial. “Every one,” saith our Lord, “shall be salted with fire, and every sacrifice shall be salted with salt” (Mark 9:49, KJV).
The whirlwind and the storm must come; and men must meet them. There is no exemption from this law; and the philosophy of which we speak is probably the simplest and the most universal that ever was taught. Advancement and honor come by the pathway of trial.
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Believers should review their lives, confess their backsliding, and humbly cast themselves upon their covenant-keeping God and his gracious promises in Christ, being sure to engage continually in fresh acts of ongoing conversion through faith and repentance. If Job and David recovered from their loss of assurance (Job 19:25–27; Psalms 42:5–8; 51:12), why shouldn’t the believer today? The loss here is only for a short time; soon we will have perfect assurance and perfect enjoyment of God forever in the eternal Celestial City.

With regard to Christian doctrines, the Puritans were not, for the most part, great innovators, but they were great appliers. Generally speaking, they were thoroughly Reformed and intentional in their theology. As with their theological forbears, the Reformers, the Puritans resolved to be thoroughly scriptural and happily stood on the shoulders of the Reformers and taught the same biblical doctrines to their generation. But they did so with a great deal more emphasis on application.
This ought not be surprising. The Reformers were occupied largely with hammering out great cardinal doctrines such as justification by faith alone, how to worship God publicly, God’s irresistible free grace versus human free will, and more — much of which is summarized in their five major solas: sola Scriptura, sola fide, solus Christus, sola gratia, and soli Deo gloria. Thus, the Puritans, having the luxury of the Reformers’ biblical treatises before them, could afford the time to address the “how-to” questions of application: How does Bible doctrine apply to daily life? How can I live soli Deo Gloria as a godly husband, a godly wife, a godly child?
Hence, the Puritans wrote at least thirty books on how to live to God’s glory in marriage and family life. They wrote at least forty books on how to meditate. They added more volumes on how to do our daily work to God’s glory, how to live a godly life in our secular professions, and how to live zealously for the glory of God in every area of life.
How Can I Find Assurance?
The Puritans also wrote extensively on the practicalities of living by faith, practicalities that boiled down to this: How can I live so fully by faith that I may know with certainty that I have saving faith — that is to say, how can I be assured in the depths of my soul that, in union with Christ, I have been regenerated and adopted into God’s family, and will be with Christ forever in heaven? Hence, they wrote dozens of books on faith and assurance, and called their hearers to practice self-examination to “make their calling and election sure” (2 Peter 1:10).
The Puritans did not write extensively on assurance of faith because they wanted to be excessively introspective or “navel-gazers,” as they have been accused by some who have, for the most part, not read their books. Rather, they wanted to trace out in detail the Holy Spirit’s saving work in their own souls in order to (1) give glory to the triune God for his mighty and miraculous work of salvation in them, (2) do good to their own souls by building up their convictions about God and their own salvation, and (3) assist weak believers who needed pastoral advice and assistance to grow in their knowledge and assurance of Jesus Christ as their personal Savior and Lord, and through this precious Mediator, to grow in their knowledge of each divine person of the Trinity.
Look with me especially at this third point as we address the question, How did the Puritan pastors use their doctrine of personal assurance of salvation to assist believers in living the Christian life? And what lessons can we learn today from their pastoral specialization in the vast field of experiential Christianity connected with the assurance of salvation?
An exhaustive article on this subject would certainly turn into a book, as there are scores of areas that could be discussed. Rather than skate over the surface, I want to address twelve of the most important pastoral ways that Puritan pastors, as physicians of souls, assisted the members of their flocks, helping them to gain robust measures of full assurance of faith. We find the most important confessional chapter ever written on the subject in the Westminster Confession of Faith, chapter 18, “Of the Assurance of Grace and Salvation.” I will provide three pastoral helps from each of these four paragraphs (hereafter: WCF 18.1–4).
WCF 18.1: Hope of Assurance
Although hypocrites, and other unregenerate men, may vainly deceive themselves with false hopes and carnal presumptions of being in the favour of God, and estate of salvation (which hope of theirs shall perish): yet such as truly believe in the Lord Jesus and love Him in sincerity, endeavouring to walk in all good conscience before Him, may, in this life, be certainly assured that they are in the state of grace, and may rejoice in the hope of the glory of God, which hope shall never make them ashamed.
Pastoral Help 1: An important distinction exists between the false hopes and carnal presumptions of the unbeliever on the one hand, and the true assurance and well-grounded hope of the believer on the other.
To make this distinction clear, Puritan pastors distinguished for their church members the difference between what they called historical and temporary faith on the one hand, and saving faith on the other. The former ultimately rests on self-confidence born merely out of intellectual convictions (historical faith) or emotional joy (temporary faith) — as, for example, in the parable of the sower (Matthew 13:20–21) — while the latter humbles us before God and teaches us to rely wholly on the righteousness of Christ alone for salvation.
Pastoral Help 2: Some degree of assurance of salvation is biblical and normative in the lives of God’s people.
Pastorally, this helped Puritan pastors maintain in their people the conviction that though full, robust assurance of salvation may not be common to all believers, some degree of assurance is (even if it is only in seed form) and is always inseparable from saving faith in Christ. Every part of WCF 18.1 is connected with Jesus: believe in him; love him; walk before him. By maintaining this conviction, Puritan pastors sought to avoid the problem of a two-tier Christianity in which few in the first tier ever make it to the second. This emphasis also encouraged believers, whatever degree of assurance they may have possessed, always to strive for more, so that they might grow in the grace and knowledge of their Savior.
Pastoral Help 3: Assurance of salvation is not essential for salvation or for the being or existence of saving faith, though it is essential for the well-being of faith.
The Puritans made this distinction so that weak believers or newly saved believers would not despair if they did not yet possess full assurance of salvation, but also that they would not rest content without full assurance of salvation. This kept believers biblically balanced in recognizing that though it is possible to be saved without assurance, it is scarcely possible to be a healthy Christian without assurance.
In Puritan thinking, this also implies that believers may possess saving faith without the joy and full assurance that they possess it. This helped Puritan pastors deal with the reality that some believers seem to possess a great deal more faith and assurance than they realize, whereas other believers seem to more easily become fully conscious of possessing a full assurance of faith. In this, the Puritans followed Calvin, who said in his Commentary on John 20:3 that the disciples seem to have had saving faith without awareness that they had it as they approached the empty tomb.
WCF 18.2: Grounds of Assurance
This certainty is not a bare conjectural and probable persuasion grounded upon a fallible hope; but an infallible assurance of faith founded upon the divine truth of the promises of salvation, the inward evidence of those graces unto which these promises are made, the testimony of the Spirit of adoption witnessing with our spirits that we are the children of God, which Spirit is the earnest of our inheritance, whereby we are sealed to the day of redemption.
Pastoral Help 4: Assurance of salvation is grounded in the promises of God and buttressed by personal sanctification and the internal testimony of the Holy Spirit.
The proper starting point for all true assurance of salvation is “the divine truth of the promises of salvation” set forth in Holy Scripture, “the promises of God” sealed with God’s own “yea and amen” in his Son, Jesus Christ (2 Corinthians 1:19–20). Puritan pastors taught their hearers that though self-examination is important, they should nevertheless take ten looks to Christ for every look they take to their inner spiritual condition. They taught that as assurance grows, God’s promises become increasingly real to the believer personally and experientially, as they experience the truth and power of those promises.
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