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  "documentTitle": "BlackRock (BLK)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona & Marco Taricco",
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  "notes": "The slide uses a 'villain' framing by highlighting the Board's failure to acknowledge specific risks.",
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      "text": "We consider the poor functioning of the Board, and the lack of proper oversight to the point of not even acknowledging “Greenwashing” as a specific risk category, particularly alarming: this is especially true when considering that the “Greenwashing” risk has been arguably increased by the numerous statements around ESG personally made over the years by CEO and Chair Mr. Fink, which are inconsistent with BlackRock actual practices",
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      "text": "In the ‘Risk Factors’ section (Item 1A) of the FY 2023 10K report(1), BlackRock’s Board failed to recognise “Greenwashing” as a stand-alone source of risk.",
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      "text": "Most of the other US leading asset-managers, who are also publicly listed companies - including Blackstone Inc., Invesco Ltd., KKR & Co. Inc., Raymond James Financial Inc., State Street Corporation and TPG Inc. - make explicit reference to “Greenwashing” risk in the ‘Risk Factors’ (Item 1A) section of their 2023 10K report",
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      "text": "We consider this a surprising omission given the extent of BlackRock's involvement in ESG initiatives and the fanfare in BlackRock's external communications, including Mr. Fink’s letters with which ESG was approached",
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      "text": "The term “Greenwashing” is conspicuously absent from the entire 10K report",
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      "text": "BlackRock's 2023 10K report only refers to a generic reputational risk, downplaying (in a potentially misleading way) the risk of “Greenwashing” which is considered material by us and most of their competitors given BlackRock ESG involvement",
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      "text": "1. BlackRock 2023 10K: https://d18rn0p25nwr6d.cloudfront.net/CIK-0001364742/c2c250f4-22de-4bea-9e87-ad8816ebe178.pdf",
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      "text": "After ‘ESG’, BlackRock has also banned the term ‘Greenwashing’",
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      "kind": "title",
      "text": "BlackRock’s solution to fix a problem: just don’t mention it",
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