![]() This is not anything about economic equality, but it is economic prosperity for all where in our own Nation America, at least all capitalists, billionaires and big corporate should partner and insist Governments who are answerable to their electorate to fulfil shared responsibilities. Corporate should improve the communities in which they house their business, they function, they aspire, and they flourish. Instead of seeking voting rights, the capitalists should seek accountability for their investment from corporate and insist that social development should be mandatory. And ignoring this major and mainstream population will only enhance challenges and not profits moving forwards to all. ![]() Between capitalists to grow their investment incomes and for corporate to meet their business goals there is workforce which are general population who are behind the success of both capitalists and corporate. Larry Fink #esg #investing #401k #pensionsĪny new introductions to support capitalism will alienate social development and further increase socio-economic challenges and divisiveness and hinder prosperity. I am not suggesting that BlackRock should shoulder the responsibility of correcting this, but clearly there is a role and opportunity for BlackRock to use its bully pulpit to address this other leg of the greater problem. Sure, there are some who know assets = liabilities + equity, but most have no idea about this or cash flow, let alone how to evaluate corporate governance. “Main Street” is finiancially illiterate. Considering the fading role of Defined Benefit Plans, it seems best to focus on Defined Contribution Plans and participants. Greater transparency is almost always better, so thank you for that. I further appreciated the additional disclosures on access to Voting Choice. Unfortunately, the ultimate investors are neither literate nor engaged.īlackRock’s Voting Choice option appears to address public criticisms on the concentrated power and influence over corporations, a laudable development for sure. I hope you’ll take a few minutes to read the letter.Ĭapitalism works best when society is literate and actively engaged in all facets of the system. I truly believe that the dialogue between companies and their owners is critical to how we create long-term value and that bringing more voices into that process will enhance capitalism. Their work has allowed us to extend Voting Choice to the vast majority of global institutional clients, and my hope is that in the future, every investor – even individual investors – will have it as well. ![]() We have been able to do this only because of the innovation and ingenuity of many people across BlackRock. We are also working to continue expanding and evolving this offering. Today, we are building on it by extending the pool of eligible client assets that can participate in Voting Choice, expanding the range of voting guidelines from which clients can choose, and working to bring this capability to individual investors in select mutual funds in the UK. To date, clients representing 25% of the $1.8 trillion in eligible assets are enrolled in Voting Choice, and interest is only accelerating: The number of clients interested in enrolling has doubled since May. This includes all the public and private pension plan assets we manage in the United States, as well as retirement plans serving more than 60 million people around the world. Nearly half of all our index equity assets under management are now eligible for Voting Choice. We’ve seen tremendous interest from our clients since announcing Voting Choice a year ago. And, if widely adopted, it can enhance corporate governance by injecting important new voices into shareholder democracy. I am convinced that Voting Choice has the power to transform the relationship between asset owners and companies. Today, I published a letter to clients and CEOs about our Voting Choice program, which gives clients – who are the true owners of the assets we manage – the option to engage much more directly in proxy voting.
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