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  "documentTitle": "BlackRock (BLK)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "presentationDate": "2024-04-09 00:00:00",
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  "notes": "This slide serves as a formal rebuttal to BlackRock's proxy statement opposition.",
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      "text": "To expose the true nature of BlackRock's argument as entirely pretextual, on the 5th of April 2024, Bluebell Capital Partners has informed BlackRock (see Appendix 1) that it is prepared to withdraw our proposed to amend by-law, subject to the following condition: BlackRock must irrevocably commit to adopting a policy that mandates an independent board chair, effective BlackRock AGM 2025, with the announcement to be made to the market by April 15, 2024.",
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      "text": "Our proposal includes two related aspects: (i) the introduction of the obligation for the Board to appoint the Chair; and (ii) the additional condition that the Chair be independent. Regarding point (i), the mandatory appointment of the Chair by the Board (currently discretionary) typically finds a place in the by-laws. This can be observed in the by-laws of many other companies (including most companies listed by BlackRock as its own peers (American Express Co., Ameriprise Financial, Inc., the Bank of New York Mellon Co., the Charles Schwab Co., Northern Trust Co., and Visa Inc.). Regarding point (ii), in a letter dated December 1st, 2023, BlackRock informed us that under the strict interpretation of Rule 14a-8 of the Securities Exchange Act of 1934, as amended, shareholder Bluebell Capital Partners would be allowed to submit only one proposal to the agenda of the shareholders' meeting. Considering the above, the only available alternative for us to request the Chair to be independent was to combine points (i) and (ii) in a single resolution framed as a statutory amendment to Article IV (OFFICERS), Section 4.1 (Designation) of the by-laws. The claim that our proposal to amend the by-laws would limit the company's flexibility is, however, instrumental. This is because (i) the roles of CEO and Chair have never been separated and have always been performed by CEO Fink; (ii) once the by-laws are changed to include an independent Chair, nothing prevents the Board in the future from requesting, with reasoned justification, that the roles be re-combined if new conditions were to require so. To expose the true nature of BlackRock's argument as entirely pretextual, on the 5th of April 2024, Bluebell Capital Partners has informed BlackRock (see Appendix 1) that it is prepared to withdraw our proposed to amend by-law, subject to the following condition: BlackRock must irrevocably commit to adopting a policy that mandates an independent board chair, effective BlackRock AGM 2025, with the announcement to be made to the market by April 15, 2024.",
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      "text": "BlackRock Opposition Statement published on April 4th, 2024 as part of BlackRock 2024 Proxy Filing. Bluebell Capital Partners response published on April 9th, 2024",
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      "text": "BLUEBELL CAPITAL PARTNERS RESPONSE:",
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