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Structured as a 16-page main deck plus ~70 pages of numbered 'Supporting Evidence' (29 items) organized against three pillars: (1) poor governance, (2) no oversight on BIS stewardship, (3) failure to recognize greenwashing risk. Uses Fink's own investor letters (2014 and 2024) as rhetorical traps — his 9,000% TSR-since-IPO claim is dissected into pre-/post-BGI halves showing the headline is a 15-year-old story. Closing ask includes a contingent withdrawal offer: Bluebell will drop the bylaw amendment if BlackRock irrevocably commits to an independent chair policy by April 15, 2024. Two Italian co-CIOs (Bivona, Taricco), ex-Goldman/MS/JPM/Lehman.", "kpisCited": [ { "detail": "BlackRock: 36 years (Fink since 1988) vs S&P 500 average Independent Chair tenure of 4.4 years", "metric": "Tenure of Chair (years)" }, { "detail": "59% of S&P 500 boards split the roles in 2023 (up from 57% in 2022); BlackRock does NOT", "metric": "Split Chair/CEO roles" }, { "detail": "BlackRock 16 members vs S&P 500 average of 10.8", "metric": "Board size" }, { "detail": "BlackRock LID Murry Gerber: 8 years as LID, 24 years on the Board vs S&P 500 average 4.4 as LID", "metric": "Lead Independent Director tenure" }, { "detail": "BlackRock 81% (Bluebell adjusted, reclassifying co-founder Susan Wagner) vs S&P 500 average 85%", "metric": "Board independence" }, { "detail": "BlackRock 9,097% vs S&P 500 486% — but entirely pre-2009", "metric": "Total Shareholder Return since IPO (1999-2023)" }, { "detail": "BlackRock 556% vs S&P 500 ~same ($9,211 vs $9,197 from $100 rebased); $1 underperformance over the period", "metric": "TSR since 2009 BGI acquisition" }, { "detail": "BlackRock 17%, ranked #11 of 18 compensation peers", "metric": "TSR peer ranking (3-year)" }, { "detail": "BlackRock 31%, ranked #10 of 18 compensation peers", "metric": "TSR peer ranking (1-year)" }, { "detail": "~70 people handling 171,500+ voting decisions across 14,100+ companies in 69 markets", "metric": "BIS staffing" }, { "detail": "BlackRock 31% vs S&P 500 average 33%", "metric": "% less represented gender on board" }, { "detail": "BlackRock 10 years vs S&P 500 average 7.8", "metric": "Average tenure of board members" } ], "closingAsk": "Vote FOR Item 6 at the 15 May 2024 BlackRock AGM to amend the bylaws and require an Independent Board Chair effective from the 2025 AGM.", "extraction": { "at": "2026-04-22 18:11:09+00", "model": "unknown-legacy", "runId": null, "seconds": 163.42921, "promptVersion": null }, "scqaReward": "Genuine independent oversight of management and BIS, reduced greenwashing and reputational risk, a smoother succession for the 71-year-old Fink, and alignment with best practice now adopted by 59% of S&P 500 boards.", "thesisTypes": [ "governance_board", "management_change" ], "top3Reasons": [ "BlackRock's governance is below S&P 500 average across board size, tenure, independence and split Chair/CEO", "BlackRock's outperformance vs the S&P 500 stopped 15 years ago at the 2009 BGI acquisition", "Lack of independent oversight on BIS has exposed BlackRock to greenwashing and reputational risk" ], "scqaSituation": "BlackRock is the world's largest asset manager and a self-styled leader on corporate governance and ESG stewardship, with Larry Fink having served as combined Chairman and CEO since founding the firm in 1988.", "thesisSummary": "BlackRock projects itself as a governance and ESG standard-bearer, yet its own board scores below the S&P 500 on almost every metric: a combined Chair/CEO in 71-year-old Larry Fink, a 16-person board, a Lead Independent Director (Murry Gerber) in place for 24 years, and only 81% independence once co-founder Susan Wagner is reclassified. Since the 2009 BGI acquisition BlackRock's TSR has merely matched the S&P 500, while BIS — 70 people overseeing 171,500 votes across 14,100 companies — has produced contradictions on ESG, thermal coal and Scope 3 that alienate clients and expose BlackRock to greenwashing risk. Bluebell, after three years of failed private engagement, asks shareholders to vote FOR Item 6 to amend the bylaws and require an Independent Chair from the 2025 AGM, bridging Fink's succession.", "primaryDemands": [ "Amend BlackRock's bylaws (Art. IV Section 4.1) to require an Independent Board Chair effective from the 2025 AGM", "Separate the Chair and CEO roles currently both held by Larry Fink", "Use an Independent Chair to bridge the succession of 71-year-old CEO Larry Fink ahead of the 75-year board retirement age", "Strengthen independent oversight of BlackRock Investment Stewardship (BIS) to address ESG inconsistencies and greenwashing risk" ], "scqaResolution": "Vote FOR Item 6 at the May 15, 2024 AGM to amend Art. IV Section 4.1 of the bylaws, making appointment of an Independent Board Chair mandatory from the 2025 AGM and separating the Chair and CEO roles.", "thesisOneLiner": "BlackRock's combined Chair/CEO and below-peer governance have delivered only market-matching TSR since 2009 and fuel greenwashing risk; shareholders should vote FOR an Independent Chair at the 2024 AGM.", "precedentsCited": [ "Solvay (BCP letters to Fink, 2021-2022)", "Leonardo (BCP letter to Fink, 2022)", "Glencore (BCP letter to Fink, 2023)", "S&P 500 trend: 59% of boards split Chair/CEO in 2023 (Spencer Stuart)", "CalSTRS and CalPERS support for Chair/CEO separation", "Norges Bank Investment Management policy on independent chairs" ], "scqaComplication": "BlackRock's own governance is below the S&P 500 average — oversized board, 24-year Lead Independent Director, combined Chair/CEO, questionable director independence — producing ESG contradictions and TSR that has merely matched the market since the 2009 BGI deal.", "narrativeInterest": 4, "notableSlidePages": [ 1, 6, 7, 12, 14, 15 ], "peerCompaniesCited": [ "Franklin Resources", "State Street", "Northern Trust", "BNY Mellon", "Goldman Sachs", "Morgan Stanley", "T. Rowe Price", "Schwab", "ADP", "American Express", "Raymond James", "Fiserv", "Visa", "Ameriprise", "Mastercard", "PayPal", "FIS", "Vanguard", "Fidelity", "Capital Group" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/rL-1HaTZCnSKCiR7sCuMvUfbDpFT5hQDO5cG_zVjX3A/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9hNjkxZGExZWQ2NzEvcDAwMS5wbmc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 19, "componentCount": 4, "textChars": 466, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:56:43.644+00", "seconds": 1.908, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dd-089cebe93c21/1", "deck": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21", "deckAnchor": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "disclaimer", "text": "This presentation is not a proxy solicitation and is not in any way affiliated with, or approved, produced, endorsed or sponsored by or licensed from, BlackRock, Inc. or any other companies referred to herein. 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All statements contained in this presentation that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words \"anticipate,\" \"believe,\" \"expect,\" \"potential,\" \"opportunity,\" \"estimate,\" \"plan,\" and similar expressions are generally intended to identify forward-looking statements. 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Permission to use quotes contained herein was neither sought nor obtained.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:45.332+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e3b956f-c939-48d3-8628-f61eeb1678b2", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.9, "x": 0.05, "y": 0.47 }, "kind": "disclaimer", "text": "NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY OR A SOLICITATION OF A PROXY\nUnder no circumstances is this presentation intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to solicit a proxy for voting purposes. The Funds' beneficial ownership of Issuer securities may vary over time depending on various factors, with or without regard to Bluebell' views of the Issuer's business, prospects or valuation (including the market price of the Issuer's securities), including without limitation, other investment opportunities available to Bluebell, concentration of positions in the portfolios managed by Bluebell, conditions in the securities markets and general economic and industry conditions. 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We highlight the S&P 500 throughout this presentation only as a widely recognized index; however, for various reasons the performance of the index and that of the securities mentioned herein may not be comparable. One cannot invest directly in an index. 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Giuseppe holds a degree in Mechanical Engineering from the University of Rome “La Sapienza” and an MBA from Columbia Business School. 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LinkedIn here", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:44.978+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75572401-046e-4423-90b7-e41a80d6f5ba", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.1 }, "kind": "paragraph", "text": "Bluebell Capital Partners is a London based activist investor focussing predominantly on large cap companies where long term sustainable value could be realised by addressing specific operational, strategic and capital allocation or governance (or broadly speaking ESG) issues", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:44.978+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cce25eb-89cc-44f3-9aba-77d0c771a251", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.05, "y": 0.04 }, "kind": "title", "text": "About Bluebell Capital Partners", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:44.978+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a674f11a-ea84-456f-b23f-d649ffa57442", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "This slide outlines the specific shareholder proposal text and the supporting rationale regarding conflict of interest.", "function": "state_demand", "rawType": "demand_list", "block": null, "metadata": { "slideType": "demand_list", "slideTypeCanon": { "name": "Demand list", "slug": "demand_list", "status": "active", "canonId": "019de52d-110e-76af-8c96-2017430183b1", "version": 1, "description": null }, "function": "state_demand", "functionCanon": { "name": "State demand", "slug": "state_demand", "status": "active", "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 7, "textChars": 1603, "nDataPoints": 0, "notes": "This slide outlines the specific shareholder proposal text and the supporting rationale regarding conflict of interest.", "elementsJson": [ "headline_text", "paragraph", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:56:46.668+00", "seconds": 4.707, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dd-089cebe93c21/5", "deck": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21", "deckAnchor": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "At BlackRock's AGM scheduled for May 15, 2024, Bluebell Capital Partners is proposing an amendment to the company's bylaws to require an Independent Board Chair (Item 6 - 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Chair/CEO separation; The vast majority of the Asset Management industry strongly supports separation; For those who prefer a case-by-case approach (as is also the approach of Bluebell Capital Partners), the analysis is driven by the same considerations outlined in our request; Proxy Advisors (i.e. ISS and Glass Lewis) also generally support the split of CEO and Chairman roles.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:47.703+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": 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The Executive Committee shall have and exercise in the intervals between the meetings of the Board of Directors all the powers of the Board of Directors, except as prohibited by applicable law. 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Source: Bloomberg data as of 9 of March 2024\n2. Source: BlackRock, http://vds.issproxy.com/SearchPage.php?CustomerID=10228; AGM 2023\n3. Source: BlackRock, https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsible-investment-guidelines-us.pdf", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Thermal coal is significantly carbon intensive... we are in the process of removing from our discretionary active investment portfolios the public securities... that generate more than 25% of their revenues from thermal coal", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:51.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23a8171e-9ed8-4fa0-a190-7484dc74b23d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Exiting Thermal Coal Producers - Thermal coal is significantly carbon intensive, becoming less and less economically viable, and highly exposed to regulation because of its environmental impacts. With the acceleration of the global energy transition, we do not believe that the long-term economic or investment rationale justifies continued investment in this sector. As a result, we are in the process of removing from our discretionary active investment portfolios the public securities (both debt and equity) of companies that generate more than 25% of their revenues from thermal coal production, which we aim to accomplish by the middle of 2020 — BlackRock, Sustainability as BlackRock's New Standard for Investing, 2020 Letter to Clients", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:28:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2041-7259-a870-3694738caff6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.5, "x": 0.05, "y": 0.9 }, "kind": "source-note", "text": "1. https://www.blackrock.com/corporate/investor-relations/2020-blackrock-client-letter\n2. 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