Blackrock, the main asset manager, announced Thursday that 67% of the votes cast in its annual board supported the remuneration of its executives, a modest increase with respect to last year. The executive director, Larry Fink, offered guarantees on the state of the global economy and defended the company’s position on environmental and social matters.
The Institutional Representation Advisor Shareholder Services (ISS) recommended that investors vote against the remuneration of senior executives, including Fink, who received 30.8 million dollars in 2024.
ISS said that Blackrock did not adequately approach investors on remuneration in 2023, when only 59% of the votes cast supported the remuneration of senior executives, citing problems such as lack of clarity in determining remuneration.
This year’s result is still relatively low compared to the average support of approximately 90% for S&P 500 companies this year.
A Blackrock representative refused to comment on his possible response to the result, but cited material in documents that describes how the payment occurred after a year of records, income and record operational benefits.
The other main advisor, Glass Lewis, had recommended that investors vote in favor of payment.
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Fink states that Trump tariffs have not finished
Fink said during the meeting that, although the tariffs imposed by US President Donald Trump were disruptive, the situation is not over.
“The markets have partially recovered. Investors want to be optimistic, but there is still enough anxiety and uncertainty. Market disruption this year is different from what we have seen in financial crises. There is no systemic risk. There is no pandemic. Our financial system is safe and safe,” he said.
Like its competitors, Blackrock was more in favor of environmental, social and governance issues from 2020, and then reversing many of these measures under the pressure of US conservatives. During the meeting, Fink said Blackrock only seeks to reflect customer wishes.
As a result of customer decisions, “we are the largest investor in both hydrocarbons and renewable energies,” he said.
A resolution backed by conservatives, criticism with the ESG approach from Blackrock, obtained only 1% support, the company reported during the meeting. Each of his 18 candidates for director was easily chosen, with an average support greater than 98%.
With Reuters information
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