BlackRock shareholder calls for Larry Fink's resignation

The British fund Bluebell Capital believes that BlackRock's responsible investment policies are greenwashing, which puts the company at reputational risk. There are inconsistencies between some of BlackRock's announcements and its investments. 

In addition to the resignation of BlackRock's CEO, Bluebell is also calling for a strategic review of the company's approach to sustainable investing, the appointment of a new independent director, and the separation of the roles of CEO and chairman. 

In particular, Bluebell cites the 2020 pledge to exit thermal coal-related investments, although this excludes passive and exchange-traded funds that make up nearly two-thirds of BlackRock's assets. The fund adds that BlackRock's position on coal seems to vary with the price of a ton of coal: when a ton of coal was worth $76, BlackRock was talking about divesting, and now that it's back up around $300, BlackRock is invoking the notion of responsible ownership. 

Sources : Elliott Smith, « Activist investor calls for BlackRock CEO Fink to step down over ESG hypocrisy », CNBC, 7 décembre 2022, https://cnb.cx/3Y7rxBK; Peter Van Maldegem, « L’activiste Bluebell demande la démission du CEO de BlackRock Larry Fink », L’Echo, Bloomberg, 7 décembre 2022, https://bit.ly/3HgqPfC.