The letter specifically makes reference to an Aug. 4 letter sent by 19 Republican attorneys general of other states to BlackRock CEO Larry Fink, accusing the company of using "the hard-earned money of our states' citizens to circumvent the best possible return on investment." "The August 4 letter distorts the sound investment rationale for considering ESG factors in investment decision-making," the 17 attorneys general said in Monday's letter. "Consideration of ESG factors alongside all other material factors does not 'sacrifice' pensioner retirements to further a political agenda; it simply acknowledges that environmental, social, and governance issues are material factors that can affect returns."