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  "documentTitle": "BlackRock (BLK)",
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  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "notes": "Includes a quote from BlackRock's Investment Stewardship guidelines regarding board leadership structures.",
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      "text": "BlackRock Investment Stewardship (US, 2024) – Independent Leadership (3)",
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      "text": "What is the point in overcoming the conflict of interest by asking a third party to vote the shares using BlackRock’s (weak) policies on the Lead Independent Director?",
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      "text": "BlackRock’s funds are BlackRock third largest shareholder and own 6.43%(1) of BlackRock’s shares. These shares are voted “by an independent third-party voting service provider, which applies BlackRock’s public voting guideline where regulation or potential conflicts of interest means we may not vote ourselves” (BlackRock)(2)",
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      "text": "There are two commonly accepted structures for independent leadership to balance the CEO role in the boardroom: 1) an independent Chair; or 2) a Lead Independent Director...",
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      "text": "There are two commonly accepted structures for independent leadership to balance the CEO role in the boardroom: 1) an independent Chair; or 2) a Lead Independent Director when the roles of Chair and CEO are combined, or when the Chair is otherwise not independent. ... In the event that the board chooses to have a combined Chair/CEO or a non-independent Chair, we support the designation of a Lead Independent Director, with the ability to 1) provide formal input into board meeting agendas; 2) call meetings of the independent directors; and 3) preside at meetings of independent directors. These roles and responsibilities should be disclosed and easily accessible. — BlackRock",
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      "text": "1. Source: Bloomberg data as of 9 of March 2024\n2. Source: BlackRock, http://vds.issproxy.com/SearchPage.php?CustomerID=10228; AGM 2023\n3. Source: BlackRock, https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsible-investment-guidelines-us.pdf",
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      "text": "BlackRock’s conflict of interest in voting on its own shares",
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