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  "documentTitle": "BlackRock (BLK)",
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  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "presentationDate": "2024-04-30 00:00:00",
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      "text": "Today, BlackRock is both the absolute leader in passive investments and the undisputed champion in preaching the messianic role of corporate stewardship.",
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      "text": "In recent years, the asset management industry has undergone significant transformation, with a shift of capital from active to passive investment, especially in the equity sector, being perhaps one of the most significant trends.",
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      "text": "These themes suddenly became the centre of BlackRock value’s proposition in a sector when superior analytics, research and performance no longer mattered. This was accompanied by Mr. Fink banging the drum for the importance of stewardship for passive funds, using the argument that “unlike actively managed funds, which can and do sell the stock of a company they perceive as having poor corporate governance, index funds are the ultimate long- term investors” (Mr. Fink)2. Thus BlackRock claimed to make sustainability a “new standard for investing” (Mr. Fink)3.",
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      "text": "A driving force behind this industry transformation has been BlackRock under the leadership of its co-founder, CEO, and Chairman (Mr. Larry Fink). To increase volumes and conquer market shares in the booming passive investment sector, BlackRock was quick to adopt a cutely master-minded commercial strategy centred around new concepts such as corporate stewardship, corporate governance, and social and environmental issues.",
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      "text": "The exponential growth of passive funds/ETFs has undeniably made low-cost investment strategies (including those hard to replicate) accessible to all. In the world of passive investment, portfolio managers and investment analysts have less of a role to play, and relative performance (other than tracking error) is not a differentiating factor. This has made it harder for asset managers to differentiate themselves amongst peers.",
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      "text": "“unlike actively managed funds, which can and do sell the stock of a company they perceive as having poor corporate governance, index funds are the ultimate long- term investors” — Mr. Fink",
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      "text": "1 According to Bloomberg 2 https://www.blackrock.com/corporate/about-us/investment-stewardship/blackrock-voting-choice/proxy-voting-power-of-choice 3 https://www.blackrock.com/corporate/investor-relations/2020-blackrock-client-letter",
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      "kind": "title",
      "text": "Subject: BlackRock AGM on May 15, 2024 – “Amend Bylaws to Require Independent Board Chair” (Item 6, Vote “FOR”)",
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