{
  "docId": "019dd923-622b-71dc-a6dd-089cebe93c21",
  "docSlug": "a691da1ed671",
  "documentTitle": "BlackRock (BLK)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona & Marco Taricco",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.4444444,
  "pageNumber": 24,
  "pageCount": 86,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses a specific regulatory reference (302A.02(b)) to highlight a loophole in independence definitions.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "numbered_list",
    "photo",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-089cebe93c21/24",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21#slide-24",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "callout",
      "text": "Asserting the contrary, from 2015 until now, demonstrates two things only: 1. BlackRock's Board of Directors lacks adequate independent oversight 2. Ms. Wagner herself has confirmed that she is not independent by relying on an assessment that she must know is plainly unfounded. Thanks to this, she has been able to join three BoD's committees (Risk, Audit, Executive), chairing one (Risk).",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c95f966-6be8-4bc2-a322-77de0e6d64b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Asserting the contrary, from 2015 until now, demonstrates two things only: 1. BlackRock's Board of Directors lacks adequate independent oversight 2. Ms. Wagner herself has confirmed that she is not independent by relying on an assessment that she must know is plainly unfounded.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a86d-0591fb744dd0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.33,
        "x": 0.62,
        "y": 0.15
      },
      "kind": "image",
      "text": "Susan Wagner portrait with flag background",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee5ef13c-4820-4c81-85aa-3bc15f79d7b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.55,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "list",
      "text": "In July 2015, Director Ms. Wagner - a former BlackRock executive who had retired in June 2012 - ceased to trigger condition 302A.02(b) - including \"the director is, or has been within the last three years, an employee of the listed company\", 302A.02(b)(i) - which prevents a director from qualifying as independent",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b1a0b8b-d293-4bc8-a0bd-6889f1372f0d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.55,
        "x": 0.05,
        "y": 0.32
      },
      "kind": "list",
      "text": "As a result, in July 2015 (and every year thereafter) the Board qualified Director Ms. Wagner as \"independent\", as if she was any former employee(1)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e8da524-c5e3-4978-9ebc-e5bb776eece6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.55,
        "x": 0.05,
        "y": 0.42
      },
      "kind": "list",
      "text": "But not being an employee for three years is by no means a necessary and sufficient condition to be independent: according to NYSE rules, the Board is tasked with determining independence by solely ensuring that the director has in substance no material relationship with the company.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4d1b8f3-72bf-4899-810e-7d6f4406c0a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.55,
        "x": 0.05,
        "y": 0.54
      },
      "kind": "list",
      "text": "Ms. Wagner's relationship with BlackRock (namely, with the management of BlackRock) is such that it raises no doubts about her lack of independence",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eec5db5c-5153-4668-bc75-ed862f9deb6c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.05,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "1. BlackRock 2015 Proxy Statement, page 17",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa3e1bc8-2375-4543-850b-f1812ff04fe5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.1
      },
      "kind": "subtitle",
      "text": "Co-founder Ms. Susan Wagner (\"Director Ms. Wagner\") is the Chair of the Risk Committee",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f3e7de5-370a-43b2-ab69-eb6cfac38380",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.04
      },
      "kind": "title",
      "text": "BlackRock's co-founder Ms. Susan Wagner is classified as independent",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8bde1d32-eb05-4cf7-88a2-efc5db5964b4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "7427bd30-2940-4064-8337-f8d95ae9f640",
      "evidence": "Exposing the contradiction between technical compliance and substantive independence.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 21,
      "beatId": "bad2153d-7b26-4573-b42e-23d4795eff6e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document proposes a solution to require an independent board chair",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}