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  "documentTitle": "BlackRock (BLK)",
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  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "presentationDate": "2024-04-09 00:00:00",
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  "notes": "The slide uses a 'story of two tales' framing to argue that BlackRock's long-term outperformance is entirely attributable to the 2009 BGI acquisition, with stagnation since.",
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      "text": "The very fact that the Board in reviewing the leadership structure does not detect any anomaly is the best demonstration of the lack of independent oversight within the board.",
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      "text": "BlackRock Narrative - BlackRock TSR: from IPO to Today",
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      "text": "The Reality - BlackRock outperformance vs S&P500 stopped some 15 years ago",
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      "text": "a governance framework where the presence of a Chair is considered optional; combined Chair and CEO role; inadequacies in the powers entrusted to the Lead Independent Director; director independence concerns; infrequent review of governance.",
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      "text": "Total Shareholder Return: 9,097%",
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      "text": "The Board has considered the proposal and believes that, for the reasons described below, the proposal is not in the best interests of BlackRock and our shareholders.",
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      "text": "The Board determined once again this year that the service of Mr. Fink as both BlackRock's CEO and Chairman is the most appropriate and effective leadership structure for the Board and the Company at the present time. — BlackRock Board of Directors",
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      "text": "The Board of Directors' Statement in Opposition",
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