![]() The company just reported fourth-quarter 2018 earnings that missed analyst expectations. Heightening the tension over Fink’s comments is BlackRock’s recently shaky financial condition. “It’s about identity politics and virtue signaling that a CEO of a public company shouldn’t be engaged in.” “This isn’t about diversity,” said one BlackRock executive who spoke on the condition of anonymity about Fink’s remarks. "My leadership team is being measured and their pay is being reflected on how they are driving diversity in their business” he said according to the text of his remarks. BlackRock, he said is now "putting the pieces in place so that five years from now we’ll have a more diverse (company) not just a bunch of white men." ![]() He warned managers that their bonuses and pay will decline if they fail to meet diversity hiring targets, while using language to describe the new diversity effort that some BlackRock executives considered offensive. In private remarks to all of BlackRock’s employees a day earlier, Fink underscored the firm’s diversity efforts. To be sure, Corporate America and Wall Street in particular, have begun various programs and incentives for management to attract and retain more women and minorities to their executive ranks. Meeting diversity goals is among several factors that corporate managers are graded on.īut Fink appeared to go further at least in his remarks. These issues range from protecting the environment to retirement to gender and racial inequality, among others.” - Larry Fink, BlackRock CEO 2019 "Letter to CEOs" “Society is increasingly looking to companies, both public and private, to address pressing social and economic issues. ![]() These issues range from protecting the environment to retirement to gender and racial inequality, among others.” In this year’s letter, released last Thursday, Fink stated that, “society is increasingly looking to companies, both public and private, to address pressing social and economic issues. ![]() Famed investor Warren Buffett was a staunch supporter of President Obama, and has spoken about the need for the rich to pay more in taxes to close the budget deficit.įinks remarks to his employees on diversity have yet to be reported and they came on the heels of his annual “Letter to CEOs,” a yearly missive where he has increasingly pushed his fellow corporate titans to embrace progressive causes and manage with a “social purpose.” Some BlackRock executives told FOX Business they believe that Fink is now instituting hiring quotas at BlackRock.įink, of course, isn’t the only CEO who supports progressive politics. In his comments on diversity, Fink used surprisingly strident language and said executives could see their paychecks cut if they didn’t meet certain hiring goals, according to a text of his remarks. The comments, obtained by FOX Business and confirmed by a BlackRock spokeswoman, come as Fink has ruffled feathers inside his company, as well as among some clients for embracing a number of progressive political causes and advocating what has been described as “corporate socialism” – a management concept that implores CEOs to run their companies in a way that doesn’t just benefit shareholders, but also “the communities in which they operate.” BlackRock, he said is now "putting the pieces in place so that five years from now we’ll have a more diverse (company) not just a bunch of white men." - Larry Fink, BlackRock CEO, speech to employees ![]()
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