{
  "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": 27,
  "pageCount": 86,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "Includes a small header table indicating 'BlackRock's overall poor governance', 'No oversight on stewardship activities', and 'Failure to recognize and manage greenwashing risk'.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-089cebe93c21/27",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21#slide-27",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "BlackRock’s Directors Mr. Gerber (24 year), Mr. Slim (13 year) and Mr. Freda (12 year), lack the presumption of independence and dilute the level of ‘true’ Independent Directors to 62.5%",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a86d-6e805639746a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.9,
        "x": 0.05,
        "y": 0.19
      },
      "kind": "list",
      "text": "Except for a limited set of specific circumstances, Directors' 'true' independence is virtually impossible to assess, as independence is a state of mind (and consciousness)\nThe NYSE listing standards require that, for a Director to qualify as 'independent,' the Board must affirmatively determine that the director has no material relationship with the company(1)\nAlthough tenure is not expressly a criterion for evaluating independence, it is implicitly so, as an extended tenure clearly establishes a relationship with the company (and its CEO) which, after a certain period, would be impossible not to recognize as material\nThis is why a growing number of countries have adopted tenure-related guidelines, or restrictions, for independent Directors. With very few exceptions, the “comply-or-explain” model prevails, and the absolute maximum tenure for a corporate Director to be considered independent is 12 years (nine for UK)\nIt is deplorable that BlackRock, as an industry leader and potential standard setter, fails to recognize that a director who has been on a board for over ten years (or longer) has compromised independence significantly, regardless of whether they are classified independent or not\nBlackRock's Directors Mr. Gerber (24 year), Mr. Slim (13 year) and Mr. Freda (12 year), lack the presumption of independence and dilute the level of 'true' Independent Directors to 62.5%\nMr. Freda sits on the Management, Development and Compensation Committee and, with Mr. Gerber, in the Nominating, Governance & Sustainability Committee; Mr. Slim sits in the Audit Committee with Non-Independent Director Ms. Wagner; and Mr. Gerber sits in the Executive Committee with CEO Fink and Non-Independent Director Ms. Wagner. Mr. Gerber serves as Lead Independent Director",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ad5f7c2-55cb-401c-af9b-ee9b48170422",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "independent director percentage: 62.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a86d-72b323d27e73",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "1. Either directly or as a partner, shareholder or officer of an organization that has a relationship with the company",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61c9de67-1388-4c56-bb00-36e1f39a36cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.24,
        "x": 0.75,
        "y": 0.01
      },
      "kind": "table",
      "text": "BlackRock's overall poor governance | No oversight on stewardship activities ESG related | Failure to recognize and manage greenwashing risk",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d15ad408-046c-4c83-b029-c4131e101ad2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.9,
        "x": 0.05,
        "y": 0.11
      },
      "kind": "title",
      "text": "Mr. Gerber, Mr. Freda, and Mr. Slim have had such a long tenure on the Board of BlackRock that their supposed independence cannot be considered credible",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ba2544d-2d5e-421d-9792-9618d0186f19",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.08,
        "y": 0.04
      },
      "kind": "title",
      "text": "Questionable independence of other three BlackRock’s directors",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b0b6f12-bb44-4a51-b585-00ed12e0f479",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "8518a271-1873-4a83-ae5e-46b0bb62f5c9",
      "evidence": "Discussion of board independence, tenure, and committee composition.",
      "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
}