Members of the National Center staff and over 70 other conservative leaders and elected officials have signed onto an open letter to BlackRock CEO Larry Fink that asks him to “reconsider” his decision that the investment management service he leads “will operate under a ‘stakeholder’ model rather than the well-established ‘shareholder’ primacy model” as early as this year.
Calling the move “very concerning,” National Center General Counsel and Free Enterprise Project Director Justin Danhof, Esq. discussed the letter with Fox Business Network host Maria Bartiromo on “Mornings with Maria” on the day the letter was released.
In explaining the importance of calling Fink on his decision, Justin said:
What we’re witnessing in the corporate arena is what we’re witnessing in the political arena – where Nancy Pelosi and her friends are taking Rahm Emanuel’s advice and not letting this crisis go to waste.
So we see them putting pork that’s unrelated to recovery into recovery bills… This same thing is happening in the corporate arena, where the liberal activists that file over 400 shareholder resolutions annually are pushing these environmental, social and governance issues onto corporations that add an extra cost of doing business.
And Larry Fink, the CEO of BlackRock, has indicated that, in 2020, he’s gonna start supporting many of these resolutions. And as the largest asset manager in the world, that’s very concerning to us as a coalition.
We have decided to send Mr. Fink a letter and say we think it’s time you reconsider.
Noting that acceding to liberal activists’ political agendas would “add an extra-regulatory cost on these companies requiring them to spend their shareholder capital” and “may harm everyday Americans who are invested in these companies through pension funds and retirement plans,” the letter also points out...
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