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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": 35,
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  "notes": "The slide uses a comparison table to expose the weakness of BlackRock's governance structure compared to a peer.",
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      "text": "the limited authority conferred to the LID by BlackRock's Board, confirms the lack of commitment to an effective counterbalance to the Chair/CEO",
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      "text": "There are two commonly accepted structures for independent leadership to balance the CEO role in the Boardroom: 1) an independent Chair; or 2) a Lead Independent Director when the roles of Chair and CEO are combined, or when the Chair is otherwise not independent.\nIn the case of BlackRock, the combined role of Chair/CEO plus Lead Independent Director does not represent a sound governance structure for two reasons:\n1. the limited authority conferred to the LID by BlackRock’s Board, which confirms the lack of commitment to enable a LID to be an effective counterbalance to the Chair/CEO (see below table); and\n2. a complacent Board which is supinely flattened on the Chair/CEO, as evidenced by the already discussed poor governance arrangements.",
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      "text": "The issue is not just the excessive long tenure of Mr. Gerber on the Board (24 years), but it is also the weak and ineffective governance framework around the role: the limited authority conferred to the LID by BlackRock’s Board, confirms the lack of commitment to an effective counterbalance to the Chair/CEO",
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      "kind": "source-note",
      "text": "1. Corporate Governance Principles of JPMorgan Chase & Co., January 2023... 2. BlackRock Lead Independent Director Guidelines, September 29, 2021...",
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      "text": "Lead Independent Director Powers, an example: BlackRock vs JP Morgan",
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      "kind": "title",
      "text": "Regardless of the individual, LID role has ineffective powers and authorities",
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