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  "docSlug": "4eddd58336e4",
  "documentTitle": "BlackRock (BLK)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona and Marco Taricco",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-09 00:00:00",
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  "pageNumber": 25,
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  "notes": "Uses a callout box at the bottom to summarize the argument against the Board's likely defense.",
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      "kind": "callout",
      "text": "Legions of lawyers hired by BlackRock’s BoD, paid with shareholders’ money, will not be able to convince anyone that, from a substantive perspective, Director Ms. Wagner does not have a material relationship with BlackRock’s senior executives, hence is not independent.",
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      "kind": "callout",
      "text": "Legions of lawyers hired by BlackRock's BoD, paid with shareholders' money, will not be able to convince anyone that, from a substantive perspective, Director Ms. Wagner does not have a material relationship with BlackRock's senior executives, hence is not independent.",
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      "text": "Director Ms. Wagner has a 36 year professional relationship with Director Mr. Fink (Chair/CEO) and Director Mr. Kapito (President), as the three of them co-founded BlackRock with others in 1988, when Ms. Wagner was at the age of 26. Director Ms. Wagner worked at BlackRock from 1988 to 2012 and at time of retirement (12 June 2012) she was appointed Director. During her career, Director Ms. Wagner held the positions of Chief Operating Officer and Head of Corporate Strategy. Director Ms. Wagner, who was also a member of BlackRock’s Global Executive Committee, retired in 2012 as Vice Chairman - a role she held since 2006. According to SEC filing dated 22 February 2024(1), Director Ms. Wagner owns a nominal of 427,877 of BlackRock common stock with a value of approx. USD 348 million, presumably granted to her by BlackRock as compensation. Director Ms. Wagner has a long-standing professional relationship ranging from 13 to 36 years with fifteen members of BlackRock’s Global Executive Committee (out of twenty-four, i.e. 63% of total) as those fifteen senior managers were colleagues of Director Ms. Wagner before she retired in 2012",
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      "text": "1. SEC Form 4, 26 February 2024: http://pdf.secdatabase.com/400/0001127602-24-006973.pdf",
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      "kind": "subtitle",
      "text": "Under NYSE rules Director Ms. Wagner does not qualify as 'independent' as she has a material relationship with BlackRock (i.e. its management)",
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      "text": "Director Wagner in substance is not independent",
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      "arcName": "Overcoming the Monster",
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