“We focus on sustainability not because we’re environmentalists, but because we are capitalists and fiduciaries to our clients,” Fink added in his letter. Karla Coté/SOPA Images/Shutters Larry Frank’s insistence that companies work to cut carbon emissions to zero by 2050 is a source of particular concern among conservatives – especially in states with energy-driven economies. Protesters with placards expressing their opinion are seen in front of BlackRock building, during the demonstration over climate change as well as treatment to their workers.
Under Fink’s leadership, the firm has increasingly urged major companies to embrace environmental, social and governance standards as part of their business models.įink’s insistence that companies work to cut carbon emissions to zero by 2050 is a source of particular concern among conservatives – especially in states with energy-driven economies. It is not ‘woke,’” Fink wrote in the letter. “It is capitalism, driven by mutually beneficial relationships between you and the employees, customers, suppliers, and communities your company relies on to prosper. This is the power of capitalism.”īlackRock is the world’s largest investment firm, managing assets worth more than $10 trillion as of this month. It is not a social or ideological agenda.
“Stakeholder capitalism is not about politics. BlackRock has faced backlash from conservatives who say the firm’s consideration of climate change in its investment strategy is a politically motivated effort to build goodwill. Watch out: Supremes’ ban on racial favoritism applies to companies tooīlackRock CEO Larry Fink pushed back against criticism of the asset management firm’s embrace of stakeholder capitalism, arguing the practice is not “woke” but a necessity for long-term success.įink defended his stance in his widely-read annual letter to CEOs.
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 companies Vanguard joins BlackRock in rejecting more ESG proposals from shareholders
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