Ombudsman: Study “should have been examined much more critically by the Commission”.
An advisory contract to the US investor Blackrock has given the EU Commission a sharp reprimand. The Brussels authority should have examined possible conflicts of interest much more closely, said European Ombudsman Emily O'Reilly on Wednesday after an investigation into the case. Stricter rules are also necessary.
In March, Blackrock was commissioned by the Commission to conduct a study on green and social investment criteria following a call for tenders. The New York-based fund company manages and invests trillions in assets itself. MEPs had criticized it. Then O'Reilly launched an investigation.
Here a company offered a study that was later to flow into the regulation of the business interests of this company, which “should have been examined much more critically by the commission,” complained O'Reilly.
The commission rejected criticism in June and stated that all procurement rules had been strictly adhered to. Blackrock's offer was the best in terms of content and at the same time financially favorable. The order value was given as 280,000 euros.
The Ombudsman warned that Blackrock may have optimized its chances of winning the contract by making an “exceptionally low financial bid”. That in turn “could be seen as an attempt to gain influence on an investment area that is significant for its customers”.
