![]() Russian securities today represent less than 0.01% of its client assets. The New York-headquartered asset manager held more than $18.2bn in Russian assets at the end of January, but that value had fallen to around $1bn at the end of February. Like others, it has vowed to stop trading in Russian securities when the country's stock market eventually reopens.įunds managed by BlackRock funds have incurred losses of about $17bn due to their holdings in Russian companies. READ BlackRock funds take $17bn hit on Russia holdingsīlackRock does not have offices in Russia, but it is among a large list of asset managers that have exposure to the country via its funds. The impact will reverberate for decades to come in ways we can’t yet predict.” “They are layered on top of a pandemic that has already had profound effects on political, economic, and social trends. The ramifications from the war in Ukraine, said Fink, would not be limited to eastern Europe. I believe this has exacerbated the polarisation and extremist behaviour we are seeing across society today.” 31, a new record for the firm.“It has left many communities and people feeling isolated and looking inward. "Companies not adjusting to this new reality and responding to their workers do so at their peril," he warned.īlackRock managed $10.01 trillion as of Dec. It drives prosperity and creates a more competitive landscape for talent pushing companies to create better, more innovative environments for their employees." Fink also outlined for CEOs the changes of "a new world of work," noting: "Workers demanding more from their employers is an essential feature of effective capitalism. Fink said in his letter.Īlso in the works is a Center for Stakeholder Capitalism, which will be a forum for research, dialogue and debate and will bring together CEOs, investors, policy experts and academics to "share their experience and deliver their insights," he said. "We are committed to a future where every investor - even individual investors - can have the option to participate in the proxy voting process if they choose," Mr. In a separate statement about the new proxy initiative, BlackRock said the new voting choice options initially will be available to global institutional clients invested in separately managed indexed accounts or clients invested in certain U.S. Fink said.īlackRock is developing an internal system that will "give more of our clients the option to have a say in the how proxy votes are cast at companies their money is invested in," Mr. We see a growing interest in among shareholders - including among our own clients - in the corporate governance of public companies," Mr. Regarding shareholder empowerment, "many people are rethinking their relationships with companies as shareholders. And the duty to attract that capital in a responsible and sustainable way lies with you." Capital markets have allowed companies and countries to flourish. Fink stressed to CEOs that "I believe in capitalism's ability to help individuals achieve better futures, to drive innovation to build resilient economies and to solve some of our most intractable challenges. Fink stressed, noting that BlackRock is asking companies to set short-, medium- and long-term targets for greenhouse gas reductions and asked them to provide reports consistent with the Task Force on Climate-related Financial Disclosures. ![]() "We focus on sustainability not because we're environmentalists, but because we are capitalists and fiduciaries to our clients," Mr.
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