BlackRock, the world’s largest asset manager with about $8 trillion under management, is aggressively pushing ESG initiatives with clients. The move is drawing ire from one of the firm’s smaller investors, Bluebell, who is calling it “hypocrisy” and asking Fink to resign.
CEO Larry Fink is under fire for the company’s aggressive Environmental, Social and Governance messaging and is being asked to step down by one of its smallest shareholders and activist investor Bluebell Capital.to the BlackRock CEO outlining the asset manager’s contradictions and inconsistencies on ESG investing and the politicization of the ESG debate.
In an annual letter to CEO’s published earlier in the year, Fink said "Stakeholder capitalism is not about politics." Bluebell, which holds roughly 0.01% of BlackRock, also highlighted the company’s failure to fulfill commitments, and failure to support environmental and corporate social responsibility as key drivers in violating the fiduciary responsibility of its shareholders.
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