Larry Fink Defends BlackRock’s Focus as ‘Not Woke’ Push for Values, Profits

Fink also spoke up for BlackRock’s stance in engaging with companies on the transition to a low-carbon economy rather than divesting from fossil fuel sectors, saying the companies cannot be the “climate police.”

Akriti Sharma, Ross Kerber and Simon Jessop, Reuters

Larry Fink, CEO of the world’s biggest asset manager BlackRock Inc., has defended its focus on the interests of society as well as on profits in the face of criticism from many sides.

Asset managers increasingly analyze corporate performance on ESG-related issues to bolster returns and to attract cash from investors focused matters such as workforce diversity or how to cut carbon emissions.

In his annual open letter, Fink built on themes he has raised in previous January missives to other CEOs. He called on them to find a purpose and to practice ‘stakeholder capitalism,’ whereby companies seek to serve the interests of all connected to them.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access