In his annual letter to corporate America, Larry Fink defended the practice of stakeholder capitalism, which pushes businesses to embrace more socially conscious and sustainable practices.
Billions of dollars are poured into the fight against climate change.
Getty.
In his annual letter, he wrote that stakeholder capitalism was not about politics.
Most stakeholders now expect companies to play a role in decarbonizing the economy, according to the investment management firm.
Billions of dollars are being poured into the fight against climate change and he warned that companies that fail to slash their carbon footprint risk being left behind.
The next 1,000 companies worth more than a billion dollars will not be search engines or social media platforms, but startups that help the world decarbonize, according to the chief of BlackRock.
The Center for Stakeholder Capitalism will be a forum for research, dialogue, debate and explore relationships between companies and their stakeholders.
Stewardship capitalism is not about politics. It's not a social or ideological agenda. It is not a joke. capitalism is driven by mutually beneficial relationships between you and the employees, customers, suppliers, and communities that your company relies on to prosper. This is the power of capitalism.
$509 billion. That is the value of sustainable investments that are currently in the portfolio.
The key background.
Last week, the world's largest asset manager, BlackRock, announced that it has $10 trillion in assets, making it the largest asset manager in the world. The company and Fink have been accused of being beholden to antibusiness activism and political correctness. Some oil producing states are trying to get legislation to cut ties with asset managers who are pushing for a more sustainable economy.
The power of capitalism.
The funds Surged to $509 Billion.
All Rights Reserved © 2024
