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  "docSlug": "4eddd58336e4",
  "documentTitle": "BlackRock (BLK)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "presentationDate": "2024-04-09 00:00:00",
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  "pageNumber": 10,
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  "notes": "The slide uses a two-column layout to contrast industry support for the proposal against specific rebuttals to BlackRock's defense.",
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      "text": "BlackRock's meritless and self-referential arguments to oppose the separation of Chair/CEO proposed by Bluebell Capital Partners (Item 6)",
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      "text": "BlackRock’s meritless and self-referential arguments to oppose the separation of Chair/CEO proposed by Bluebell Capital Partners (Item 6)",
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      "kind": "list",
      "text": "Broad support on Chair/CEO separation from BlackRock’s leading shareholder: the Asset Management industry",
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      "text": "‘The BoD regularly reviews its leadership structure’: failure to correct confirms lack of independent oversight; Under the current leadership structure “BlackRock has delivered industry-leading growth”: this is no longer the case since 2009, at least from a TSR perspective; BCP criticisms ‘are rooted in its disagreements with proxy voting decisions made by BIS [including] instances where BIS did not support [BCP] campaigns’: BCP observed that BIS voted against the interests of their own clients, thus leading to question their independent oversight on the performance of the voting function; ‘One-size-fits-all approach to board leadership may not suit each company’s circumstances’: our request is based on an in-depth analysis of BlackRock’s governance; ‘Independent oversight is carried out by the Board’: according to BlackRock’s BoD, even Ms. Susan Wagner, (BlackRock’s co-founder with Mr. Fink and Mr. Kapito) is independent",
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      "text": "The Asset Management Industry (i.e. Vanguard, Fidelity, State Street, Capital Group and several others) collectively is BlackRock’s single largest shareholder; Many leading global investors in Europe (such as Norges) and the US (such as CalSTRS and CalPERS) are in favour of Chair/CEO separation; The vast majority of the Asset Management industry strongly supports separation; For those who prefer a case-by-case approach (as is also the approach of Bluebell Capital Partners), the analysis is driven by the same considerations outlined in our request; Proxy Advisors (i.e. ISS and Glass Lewis) also generally support the split of CEO and Chairman roles.",
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      "kind": "paragraph",
      "text": "The outcome of the ballot on Item 6 is also a test on the coherence and integrity of the Asset Management industry, which is BlackRock’s leading shareholder",
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      "kind": "quote",
      "text": "‘The BoD regularly reviews its leadership structure’: failure to correct confirms lack of independent oversight — BlackRock Board of Directors. ‘BlackRock has delivered industry-leading growth’: this is no longer the case since 2009, at least from a TSR perspective — BlackRock Board of Directors. ‘One-size-fits-all approach to board leadership may not suit each company’s circumstances’: our request is based on an in-depth analysis of BlackRock’s governance — BlackRock Board of Directors. ‘Independent oversight is carried out by the Board’: according to BlackRock’s BoD, even Ms. Susan Wagner, (BlackRock’s co-founder with Mr. Fink and Mr. Kapito) is independent — BlackRock Board of Directors.",
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      "text": "Voting “FOR” on Item 6 is coherent with ‘Best Practices’",
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