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  "documentTitle": "BlackRock (BLK)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona & Marco Taricco",
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  "presentationDate": "2024-04-09 00:00:00",
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  "pageNumber": 21,
  "pageCount": 86,
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  "notes": "The slide uses a direct quote from BlackRock's bylaws to frame the argument.",
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      "text": "Affirming that the appointment of the Chair is discretionary - as BlackRock does in its Bylaws - ultimately implies considering the effective functioning of the Board as discretionary",
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      "text": "The key role of the Chair is to ensure the effectiveness of the Board\nAffirming that the appointment of the Chair is discretionary - as BlackRock does in its Bylaws - ultimately implies considering the effective functioning of the Board as discretionary\nWithout a doubt, it is considered best practice for the Board to be obliged to elect a Chair, which is also the case for the 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.)\nIt wouldn't be possible to mandate the BoD to appoint an Independent Chair if the BoD isn't first mandated to appoint a Chair",
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      "kind": "quote",
      "text": "The officers of the Corporation shall be elected by the Board of Directors and shall include a Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary. The Board of Directors of the Corporation, in its discretion, may also elect a Chairman of the Board of Directors (who must be a director)...” (BlackRock, Bylaws, Article IV – Officers – 4.1 designation)",
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      "kind": "quote",
      "text": "The officers of the Corporation shall be elected by the Board of Directors and shall include a Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary. The Board of Directors of the Corporation, in its discretion, may also elect a Chairman of the Board of Directors (who must be a director)... — BlackRock, Bylaws, Article IV – Officers – 4.1 designation",
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      "kind": "title",
      "text": "BlackRock’s Discretionary appointment of the Chair",
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      "text": "Under BlackRock’s Bylaws, there is no obligation for the BoD to appoint a Chair",
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