American Airlines Executive Rebuffs ESG Concerns at 401(k) Trial

An American Airlines Inc. asset management director told a Texas federal court his team didn’t believe negative press surrounding BlackRock Inc. and proxy-voting was a reason for the airline to be concerned over the firm’s handling of pilots’ retirement plans.

Ken Menezes, managing director of American Airlines’ asset management group, testified Tuesday during the second day of a bench trial at the US District Court for the Northern District of Texas in Fort Worth that his team investigated BlackRock’s management of workers’ funds. His team reassured the airline’s employee benefits committee BlackRock’s own ESG pursuits were not affecting 401(k) plans’ ...