BlackRock Responds to ESG Letter from Republican AGs

BlackRock sent a 10-page letter to the Republican AGs about ESG. As predicted, it is diplomatic, speaking in terms of “welcoming” the opportunity to “clarify” its positions. But it in no way backs down. The full letter is below, and here are some of the highlights. [footnotes omitted and emphasis added] Your letter makes several…

Inside a conservative group’s war against BlackRock’s ESG investments

A conservative group known for targeting “woke capitalism” has launched a multimillion-dollar campaign attacking BlackRock and its CEO Larry Fink for “weaponizing” retirement funds with its push for more ESG investments, which promote environmental, social and governance responsibility. Why it matters: The campaign by Consumers’ Research aligns with the posture of a growing faction of…

Larry Fink Is Wrong About the Impact of the Russian Invasion on Globalization

In his annual letter to shareholders, Blackrock’s Larry Fink says that the response of the business community to Russia’s invasion of Ukraine signals “an end to globalization.” He’s wrong. It’s just the opposite. He writes: The Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades….

Response to Larry Fink on Blackrock’s Stakeholder Rhetoric

On Project Syndicate, Mariana Mazzucato responds to Larry Fink’s annual letter, calling for a more rigorous and comprehensive understanding of stakeholders, including the government and employees. Why do drug prices not reflect the original public contribution (even when the government reserves “march-in” rights that require pharmaceutical companies to license their products)? Why are intellectual-property rights…

Larry Fink’s Annual 2022 Letter to CEOs | BlackRock

Blackrock CEO Larry Fink continues to call on the CEOs of its portfolio companies to engage and inspire stakeholders to create sustainable returns. That includes recognizing the profound and lasting changes in the world of work and what employees need to be productive and loyal. He expects them “to play a role in decarbonizing the…

Larry Fink: Moving from Ambition to Action on Climate Change

Blackrock CEO Larry Fink calls on shareholders to make sure their portfolio companies take action on climate change in a speech after the G20 at the International Conference on Climate, hosted by the Italian Ministry of Economy and Finance and the Bank of Italy in Venice on Sunday, July 11. He emphasized the need to…

Agenda – BlackRock Whacks Boards on Compensation Changes

BlackRock, the world’s largest asset manager and one of many companies’ largest investors, has voted against compensation plans at several large companies this proxy season, including General Electric last week. The asset manager voted against 15% of compensation-related resolutions at its Americas-based portfolio companies that held annual meetings in the first quarter of this year….