{
  "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": 47,
  "pageCount": 86,
  "prevPage": 46,
  "nextPage": 48,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 15,
  "notes": "The slide uses a table to demonstrate the gap between stated policy and actual investment behavior.",
  "elementsJson": [
    "headline_text",
    "quote_block",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-089cebe93c21/47",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-089cebe93c21#slide-47",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.78
      },
      "kind": "callout",
      "text": "As of today(3), BlackRock is still a leading shareholder of thermal coal companies Glencore Plc, Thungela Resources Ltd, Exxaro, Peabody and Whitehaven",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "914ef196-1889-4b1c-82a7-c85456ba2111",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.08,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "Exiting Thermal Coal Producers - Thermal coal is significantly carbon intensive... we are in the process of removing from our discretionary active investment portfolios the public securities... that generate more than 25% of their revenues from thermal coal",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23a8171e-9ed8-4fa0-a190-7484dc74b23d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Exiting Thermal Coal Producers - Thermal coal is significantly carbon intensive, becoming less and less economically viable, and highly exposed to regulation because of its environmental impacts. With the acceleration of the global energy transition, we do not believe that the long-term economic or investment rationale justifies continued investment in this sector. As a result, we are in the process of removing from our discretionary active investment portfolios the public securities (both debt and equity) of companies that generate more than 25% of their revenues from thermal coal production, which we aim to accomplish by the middle of 2020 — BlackRock, Sustainability as BlackRock's New Standard for Investing, 2020 Letter to Clients",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a870-3694738caff6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.5,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "1. https://www.blackrock.com/corporate/investor-relations/2020-blackrock-client-letter\n2. Source: company filings for FY 2023\n3. Source: Bloomberg data as of March 19, 2024",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97a10dba-38bc-4f5a-bd41-ffa0ade603e2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.65,
        "x": 0.18,
        "y": 0.28
      },
      "kind": "table",
      "text": "Table showing BlackRock portfolio companies, their thermal coal revenue %, and BlackRock's shareholding % and ranking.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe6f4f33-8361-422b-adb0-e60ba0385538",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.08,
        "y": 0.04
      },
      "kind": "title",
      "text": "BlackRock's contradictory position on thermal coal (continued)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61af5813-d154-4393-96fd-8890b6d9ea5c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "e77c1c4f-9139-4544-a23f-d7ba6a5a04b7",
      "evidence": "Contrasts 2020 CEO letter commitment with 2024 shareholding data.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}