BlackRock’s Fink defends push to focus on more than profits

Boston — Larry Fink, CEO of the world’s biggest asset manager BlackRock, late on Monday defended a shareholder movement that pushes companies to focus on the interests of society as well as profits.

“Stakeholder capitalism is not about politics,” Fink said in a letter, titled “The power of capitalism”. “It is not ‘woke’. It is capitalism.” “Divesting from entire sectors — or simply passing carbon-intensive assets from public markets to private markets — will not get the world to net zero,” he said.

After years of criticism from activists focused on climate and other environmental, social and governance issues, BlackRock changed course in 2021 and cast a much more critical set of proxy votes such as backing calls for things like emissions reports or the disclosure of workforce diversity data.

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