tl;dr
Activist investor Bluebell Capital Partners has launched a shareholder proposal to stop Larry Fink from serving as both CEO and chairman of BlackRock (NYSE:BLK), according to the asset manager's annual proxy filing released on Thursday. This marks an escalation is London-based Bluebells' activist c...
Activist investor Bluebell Capital Partners has launched a shareholder proposal to stop Larry Fink from serving as both CEO and chairman of BlackRock (NYSE:BLK), according to the asset manager's annual proxy filing released on Thursday. This marks an escalation is London-based Bluebells' activist campaign against BlackRock (BLK). In 2022, Bluebell reportedly took a stake in BLK and called for Larry Fink to be replaced amid the company's largely debated investment policies surrounding environmental, social, and governance ("ESG"). Bluebell now is seeking a revamp of the board and wants an independent chair to boost oversight, the BLK filing said. “There is an inherent conflict of interest for a CEO to act as her/his own oversight as chair,” Bluebell said in a statement in support of the proposal. “The lack of independent oversight within BlackRock’s board can be evidenced by the numerous contradictions and inconsistencies between BlackRock’s ESG strategy and its implementation.” But the board disagrees. Having Fink in both roles “is the most appropriate and effective leadership structure for the board and the company,” the filing said. Also in the filing, Fink garnered about $26.9M in compensation for 2023, down 18% from 2022.
More about BlackRock Inc
Stock Summary: BlackRock Inc (NYSE: BLK)
Sector: Finance
Industry: Security Brokers, Dealers & Flotation Companies
Market Cap: $121.62B
Current Price: $22.37
52-Week Low: $20
52-Week High: $36.5
PE Ratio: 119.6
EPS: $0.308
Volume: 17,859,000
Revenue: $18.59B
Dividend Yield: 0.103
Beta: 0.068
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