{
  "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": 46,
  "pageCount": 86,
  "prevPage": 45,
  "nextPage": 47,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses a 'BlackRock Narrative' vs '...Analysed' structure to frame the contradiction.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "photo",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-089cebe93c21/46",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21#slide-46",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "BlackRock’s pledge to exit investment in thermal coal is a contradicting (and Pharisaic) pledge, especially considering that 90% of BlackRock's equity assets are held in passive strategies.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a86f-24a69e2f8f25",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.45,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "image",
      "text": "Hands holding coal",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "65e6ed4a-2351-49b5-a56d-c68b14942ed2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.45,
        "x": 0.52,
        "y": 0.15
      },
      "kind": "list",
      "text": "In 2020, BlackRock pledged “exiting investments that present a high sustainability-related risk, such as thermal coal producers” (CEO Mr. Fink)(1)\nAt the same time the statement was diluted in a concurrently issued ‘Dear Client Letter’ where the measure - initially set to be accomplished “by the middle of 2020” - was restricted solely to “discretionary active investment portfolios”(2)\nBlackRock's pledge to exit investment in thermal coal is a contradicting (and Pharisaic) pledge, especially considering that 90% of BlackRock's equity assets are held in passive strategies(3)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "821c5528-e614-4fd4-9695-18fcab56f7d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "In 2020, BlackRock pledged “exiting investments that present a high sustainability-related risk, such as thermal coal producers” — CEO Mr. Fink.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a86f-298c47cf4e21",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.04,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "1. BlackRock CEO Mr. Fink, ‘Dear CEO Letter’, January 14th, 2020\n2. BlackRock, “Sustainability as BlackRock's New Standard for Investing”, January 14th, 2020\n3. Source: BlackRock's email to Bluebell Capital Partners dated 23 March 2023",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6de7d791-a758-40dd-a178-18f449dd173a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.65,
        "x": 0.07,
        "y": 0.04
      },
      "kind": "title",
      "text": "BlackRock's contradictory position on thermal coal",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15c92f2e-cdf8-427c-9c17-4f9d826168c6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "81d0ec39-48b6-4fc5-a97e-b376dccc6136",
      "evidence": "Contrasts CEO public pledge with internal client letter limitations",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}