BlackRock CEO Larry Fink experienced a breakdown during an earnings call when discussing the significant financial losses resulting from the company’s commitment to its “environmental, social, and governance” (ESG) agenda. A recently surfaced recording of the call captured Fink’s outburst, which occurred after the Texas Board of Education terminated $8.5 billion worth of contracts with BlackRock.

It should be noted that Texas, along with other states, decided to withhold their funds from the company due to its ESG agenda. Fink’s frustration was evident as he expressed his discontent with the spread of “lies” and “misinformation” surrounding BlackRock’s agenda.

“We have done a better job now of telling our story so that people can make decisions based on facts, not on lies and not on misinformation or politicization by others,” Fink said during a first-quarter earnings call.

“Unfortunately, there’s still others out there…who continuously lie about these issues,” he added.

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Last month, Chairman Aaron Kinsey of the Texas State Board of Education terminated the association between BlackRock and the Texas Permanent School Fund. This action was taken in response to the company’s alleged “boycott” of oil and gas as a component of its ESG initiative. Despite the accusation, Fink, who serves as a board member at the World Economic Forum (WEF), has refuted the claim.

Kinsey said:

“BlackRock’s dominant and persistent leadership in the ESG movement immeasurably damages our state’s oil & gas economy.

“BlackRock’s destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans,” he added.