EU 'did not properly consider conflicts of interest' over BlackRock contract

Hiring of investor to advise on environmental regulation for banks looked into by watchdog

The EU did not properly consider conflicts of interest when it hired the US investment manager BlackRock to advise on environmental regulation for banks, an influential watchdog has said.

The European ombudsman, Emily O'Reilly, said the European commission, the EU's executive arm, should strengthen its conflict of interest rules in light of the findings, in a judgment published on Wednesday.