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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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  "notes": "The slide uses a screenshot of a proxy voting disclosure to provide evidence of the 'Against' vote.",
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      "text": "According to BlackRock, it is in the best interest of their clients (and the market) to have one Board seat instead of three, in a Board composed of seventeen directors, sixteen of which appointed by a controlling shareholder via multiple voting shares (1:10) with only a 10% economic interest",
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      "text": "BlackRock Proxy Voting Results disclosure",
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      "text": "BlackRock voted AGAINST this proposal in line with the management recommendation in the interest of the controlling shareholder.",
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      "text": "Anecdotally, according to Richemont, BlackRock had an existing commercial relationship with Richemont as manager of its liquidity portfolio.",
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      "text": "At the 2022 AGM of family controlled Swiss luxury company Richemont SA, Bluebell Capital Partners proposed to increase from 1 to 3, the board seats to be allocated to the market on a Board then composed of 17 Directors.",
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      "text": "BlackRock not only voted AGAINST the proposal, but also described the resolution to its own clients as a proposal intended to 'increase of the board minimum size from three to six'.",
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      "text": "Background on the Sept 2022 Richemont AGM",
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      "kind": "source-note",
      "text": "1. The capital of Swiss luxury conglomerate Richemont is composed of a dual class of shares... 2. September 2022 BlackRock voting... 3. Richemont press release...",
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      "kind": "title",
      "text": "BlackRock’s vote AGAINST the increase of Board representation for the market",
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