įink added "by some estimates" $1 billion to First Boston's bottom line. At First Boston, Fink was a member of the management committee, a managing director, and co-head of the Taxable Fixed Income Division he also started the Financial Futures and Options Department, and headed the Mortgage and Real Estate Products Group. Career 1970 to 2000 įink started his career in 1976 at First Boston, a New York-based investment bank, where he was one of the first mortgage-backed security traders and eventually managed the firm's bond department. He then received an MBA in Real Estate at the UCLA Anderson Graduate School of Management in 1976. He earned a BA in Political Science from UCLA in 1974. He grew up one of three children in a Jewish family in Van Nuys, California, where his mother Lila (1930-2012) was an English professor and his father Frederick (1925-2013) owned a shoe store.
It is ironic that BlackRock would apply such logic to its opposition of this proposal, and not to its extensive use of ESG, which pushes a leftist environmental agenda ahead of the financial prospects of firms.Fink was born on November 2, 1952.
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In Fink’s opposition statement, he said BlackRock was opposed to the proposal because it would prioritize things other than the financial performance of companies when choosing how to invest. They may be willing to compromise in the short term with things like carbon capture and emissions limits, but that is only because it brings them one step closer to their ultimate goal of shutting down all fossil fuel companies completely.Įarlier in the shareholder meeting, Fink had delivered BlackRock’s opposition statement to a shareholder proposal that would have required BlackRock to “adopt stewardship policies designed to curtail corporate activities that externalize social and environmental costs.” The proposal failed with 3.6% of shareholders voting in favor. Environmental groups in the long run do not want any future that includes fossil fuel companies. This dinner between energy companies and environmentalists that Fink referenced in his answer to CFACT’s question is exactly part of the problem.
Unfortunately, while BlackRock may not have a policy of restricting investment in energy companies, the firm is encouraging the slow death march of American fossil fuel companies via its investing strategies. He added that BlackRock “has no policy prohibiting or restricting investment in energy companies.”įink concluded his answer by explaining that BlackRock had even hosted a dinner with leaders of energy companies and leaders of the environmental movement to find ways the two sides could work together. Rather, BlackRock plays a “critical role in the energy transition” which “has to be fair and just,” Fink said. In his answer, Fink repeatedly stated that “clients choose how to invest their money,” and went on to say, “I’ve always stated we are against divestiture,” referring to attempts by those on the Left to divest from fossil fuel companies and their interests. How does BlackRock plan to adjust its over-reliance on ESG scoring as more and more states prohibit ESG investing?” “Oklahoma just enacted a law requiring the Treasurer to divest from firms that are boycotting energy companies due to ESG standards. At BlackRock’s annual meeting of shareholders CEO Larry Fink was confronted with a question by CFACT on the highly controversial use of ESG scoring (Environmental, Social, and Governance) by the investing giant.
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