While most of the current outrage is geared towards LGBTQ+ policies of companies like Bud Light, Target TGT, and Kohls, the quote will further fuel the belief that ESG is a tool to force companies to implement certain policies. It also comes at a time when conservatives are extremely critical of corporate ESG and DEI policies. However, the comment is reinforcing the beliefs of critics. As an employer, BlackRock seeks to hire employees from a wide range of backgrounds and perspectives because we believe this diversity is critical to delivering for our clients in a rapidly changing world.” As a fiduciary, BlackRock’s actions serve one purpose: maximizing long-term financial value for our clients. “This nearly six-year-old clip misconstruing Larry’s words about BlackRock’s own approach to its employees has been circulating for years on social media and is often taken out of context. In response to the renewed criticism, BlackRock issued the following statement. This is one thing we’re asking companies. In it, he said “Behaviors are going to have to change. This year: Climate action isn’t work, it’s capitalism. Notably, Chenault went on to co-found OneTen, a coalition of business executives with a goal to “hire, promote and advance one million Black individuals who do not have a four-year degree into family-sustaining careers” by 2030.įink followed with the one-minute response that is going viral among conservatives. The BlackRock CEO’s annual letter points to how the 10 trillion asset management fund will push the markets in the next year. However, he noted it wasn’t a lack of talent, rather a lack of recruitment and getting a more diverse group into the pipeline. Fink wrote in his annual letter to the chief executives of companies that his firm, BlackRock, invests in. The question was about the lack of progress in that area and the need for diversity.Ĭhenault stated that diversity and inclusion is one of the biggest issues facing society. Stakeholder capitalism is not about politics, Laurence D. Eighteen years later, his resignation was poised to leave only three African Americans remaining as CEOs of those companies. The majority of our clients are investing to finance retirement. Sorkin noted that when Chenault was named as CEO in 2001, he was only the third African American to run a Fortune 500 company. LARRY FINKS 2022 LETTER TO CEOS: The Power of Capitalism Dear CEO, Each year I make it a priority to write to you on behalf of BlackRock’s clients, who are shareholders in your company. The panel, hosted by Andrew Ross Sorkin, featured Fink alongside Kenneth Chenault, who was the outgoing CEO of American Express AXP at the time. The question was part of a 30-minute panel at the 2017 DealBook Summit, hosted by The New York Times NYT, which brings business and policy leaders together to discuss trending topics.
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