It’s Not ‘Woke’ for Businesses to Think Beyond Profit, BlackRock Chief Says
Laurence D. Fink, the founder and chief executive of the investment giant BlackRock, has become one of the most influential voices in business over the past decade in pushing corporate leaders to think beyond profits, to their social purpose.
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Mr. Fink has delivered his words in annual letters that have drawn remarkable attention, but also criticism from all corners: that he is beholden to politically correct antibusiness activists, or that he is co-opting these issues for marketing purposes.
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On Monday night, he used his latest letter to corporate America to clarify — and defend — his approach.
“Stakeholder capitalism is not about politics,” Mr. Fink wrote to the chief executives of businesses that BlackRock has invested in. “It is not ‘woke.’ It is capitalism.”
Mr. Fink’s annual letter is widely followed, and this year’s 3,300-word edition is sure to be read in boardrooms and beyond.
On Friday, BlackRock said it managed more than $10 trillion in assets, across an array of index funds, pension plans and other investment products, cementing the firm’s position as the world’s largest asset manager. That gives Mr. Fink a huge amount of influence: If a public company that BlackRock has invested in ignores his calls, his firm could seek to oust its directors or, among its actively managed funds, sell its shares.
Read more @The New York Times
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