Larry Fink, chief executive of the world's biggest asset manager BlackRock Inc , late on Monday defended a shareholder movement that pushes companies to focus on the interests of society as well as profits.
Larry Fink, Chief Executive Officer of BlackRock, stands at the Bloomberg Global Business forum in New York, U.S., September 26, 2018. REUTERS/Shannon Stapleton, has defended a shareholder movement that pushes companies to focus on the interests of society as well as profits.
"Stakeholder capitalism is not about politics," Fink said in the letter late on Monday, titled The Power of Capitalism. "It is not 'woke.' It is capitalism."Fink, 69, defended BlackRock's stance in engaging with companies on carbon transition rather than divesting altogether, saying the companies themselves cannot be the "climate police" but instead should work with governments.
Overseeing $10 trillion as of Dec. 31, the world's largest asset manager has become one of the most influential voices in U.S. and European boardrooms, making Fink's annual letter a director must-read.In Monday's letter, Fink unveiled plans to launch a Center for Stakeholder Capitalism to create a "forum for research, dialogue, and debate." The center will help to explore the relationships between companies and their stakeholders, he said.
After years of criticism from activists focused on climate and other environmental, social and governance issues, BlackRock changed course in 2021 and cast a much more critical set of proxy votes such as backing calls for things like emissions reports or the disclosure of workforce diversity data.At the same time the fund manager has faced challenges from conservative U.S. politicians.
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