Taylor: For a superuser of shareholder democracy, Larry Fink’s is a pretty undemocratic approach
FILE - In this March 26, 2014 file photo, BlackRock Chairman and CEO Laurence Fink is interviewed by Maria Bartiromo on Fox Business Network's"Opening Bell with Maria Bartiromo," in New York. BlackRock, the world's largest asset manager, is making climate change central to its investment decisions going forward. Fink, who oversees the management of about $7 trillion in funds, said in his influential annual letter to CEOs Tuesday, Jan.
Now, because of its outsize role as an index-fund manager, BlackRock wields an unusual amount of power over the levers of capitalism. It is typically either the largest or second-largest shareholder in big U.S. public companies.Taylor: Billionaire ‘philosopher king’ Peter Thiel loves monopolies — democracy not so much
Climate activist Rev. Chelsea McMillan, center, is arrested after an interfaith demonstration outside the headquarters of BlackRock, a multinational investment management corporation, in New York City on Monday, Oct. 18, 2021. The protest was one of more than 500 actions in the Faiths for Climate Justice global mobilization, held two weeks prior to the United Nations Climate Change Conference.
For my part, I begin with an openness to “stakeholder capitalism” because it seems humane, nuanced and realistic. He’s right that capitalists need to be concerned with more than just profitability. Governance, social norms, ethical concerns and the environment all matter tremendously. Powerful corporate leaders in particular have an obligation to seek out a balance of interests in a modern-day version of the Biblical passage from Luke 12:48: “To whom much is given, much will be required.
The toughest critic of his stakeholder capitalism came from inside his own house. Tariq Fancy, BlackRock’s own former chief investment officer of sustainable investing, left the firm in disgust. A year ago he began speaking to the media about his frustrations. He wrote in an“In truth, sustainable investing boils down to little more than marketing hype, PR spin and disingenuous promises from the investment community.
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