Giving investors more say over their holdings is one way to address a major criticism of giant money managers: that they hold too much sway over publicly traded companies by virtue of their huge share holdings. BlackRock is also expected to extend the option to clients in some British mutual funds for next year’s voting season. The firm said that Voting Choice was now open to investors representing $1.8 trillion of its $3.8 trillion in index funds. BlackRock aims to give them a voice through Voting Choice, an initiative it announced last year to give institutional investors and some individual ones options for voting at annual shareholder meetings. “The next generation of investors will increasingly demand to be heard,” Fink wrote. For its part, BlackRock will expand a program that lets investors in its funds choose how they vote in corporate elections, in a recognition that shareholders “don’t want to sit on the sidelines.”īut even Fink concedes that giving investors more say could make the business of running a publicly traded company messier than ever, especially when he says voting “should be as easy to do so as it is to buy a mutual fund or E.T.F. In a letter to clients of BlackRock, the $8 trillion money manager that he runs, Fink wrote that a “revolution in shareholder democracy” was growing. BlackRock backs more “shareholder democracy”Īs investors push for a bigger say in how companies tackle a variety of issues - including supporting or opposing environmentally and socially minded goals - Larry Fink wants to give them even more of a voice in the boardroom.
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