11/15/2023 0 Comments Blackrock letterIt is not ‘woke’,” Fink wrote in his January letter. It is not a social or ideological agenda. “Stakeholder capitalism is not about politics. In an annual letter to shareholders earlier this year, Fink promoted what he called “stakeholder capitalism” - which takes into account the needs of employees, customers, the environment and even the government - and criticized those accusing BlackRock of pushing a political agenda.īlackRock letting more clients vote at annual meetings in dramatic move “BlackRock Investment Stewardship did not support their campaigns as we did not consider them to be in the best economic interests of our clients.” ![]() “In the past 18 months, Bluebell has waged a number of campaigns to promote their climate and governance agenda,” a spokesperson for BlackRock told The Post. BlackRock’s Larry Fink has defended “stakeholder capitalism.” Bloomberg via Getty Images I think there is a high correlation between BlackRock’s strategy on coal and the price of coal.”īlackRock brushed off Bivona’s accusations. “Now that the price of coal is $380 per ton, they are talking about responsible ownership. “Let me say that when the price of coal was around $76 per ton, BlackRock was talking about essentially divesting,” Bivona continued. “We see BlackRock endorsing a number of bad practices from a governance, social and environmental perspective which is not actually in tune with what they say,” said Bluebell co-founder Giuseppe Bivona in an interview with CNBC on Wednesday. ![]() It’s only a matter of time until the ESG movement will R.I.P.īlackRock, MSCI probed by lawmakers over investments in blacklisted Chinese companiesĪ small activist fund fired a slingshot at goliath investment firm BlackRock, calling for the ouster of CEO Larry Fink for his “hypocrisy” in pushing a “woke” political agenda.īluebell Capital - a London-based firm with just $250 million in assets under management, compared to the roughly $8 trillion BlackRock oversees - accused Fink of not adhering to his espoused environmental, social and governance (ESG) principles. Vanguard joins BlackRock in rejecting more ESG proposals from shareholders How everyday investors may soon vote away ESG
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