Larry Fink, one of the founders of BlackRock
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And the CEO of the asset management company published his letter for 2022, which was sent to the CEOs of companies around the world in which BlackRock invests on behalf of its clients. In the letter, Fink shares with the company executives his views on the proper management of the company, and perhaps also hints at Blackrock’s expectations about the direction in which he thinks those companies should turn.
This year’s letter focuses on adopting shareholder capitalism (an approach whereby corporations should act to serve the interests of their stakeholders) as a catalyst for change – to help people build a better future, drive innovation, build resilient economies and help solve some of the company’s challenges. our. Fink tries to dance on both weddings when on the one hand he puts at the center the financial motive of the companies – maximizing profit for the benefit of stakeholders, and on the other hand claims that it will actually help build a better future for humanity and allow his clients to vote on ESG.
These are the main points that Pink mentions in his letter:
A new world of work. No relationship has changed more in the wake of the epidemic than that between employers and employees. Employees around the world want to get more from their employer. Companies that create better and more innovative work environments for employees, see lower levels of employee departure and higher returns.
New capital sources drive market disruptions. The particularly high capital availability over the past four decades has fueled a dynamic landscape of innovation with an abundance of disruptive start-ups trying to produce alternatives for market leaders.
Capitalism of shareholders and sustainability. Every company and every industry will change as a result of the transition to a world free of carbon emissions. Not only can start-ups disrupt new industries, but senior executives can and must do so. At the same time, governments and companies must ensure that people continue to have access to affordable and affordable energy.
Option to vote on ESG issues. BlackRock has begun allowing some of its customers to express an opinion on how their proxy votes are received in companies where their money is invested. The option is now being offered to pension funds that support 60 million people. The goal set by the company is to allow in the future any investor to participate in the proxy voting process if he chooses.
In the letter, Fink mentions BlackRock’s intention to establish a Center for Stakeholder Capitalism to further explore the relationship between stakeholder involvement and shareholder value. Fink’s position is that companies function better when they think deeply about their role in the company and work for the interests of their employees, customers, communities and shareholders.
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