Commentary With increasing attention being paid to the negative consequences of so-called environmental, social, and governance (ESG) investing—which means selecting clients’ investments based on political rather than financial criteria—many hoped BlackRock’s annual letter to CEOs would signal a shift away from activism and back toward fiduciary responsibility. Sadly, chairman and CEO Larry Fink’s letter offered no solace for the 60 million Americans depending on its services for their future retirement and hoping, perhaps wrongly, that BlackRock has their best interests at heart. Fink’s letter is an unserious take on the world’s greatest challenges—in fact, it ignores them entirely—and shows BlackRock’s continued journey down the path of financial activism that will jeopardize the future of more than just the company’s clients. While Fink pays brief lip service to the oil and gas industries (but neglects altogether coal, which provides a fifth of the nation’s electricity and remains one of our most …