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  "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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  "notes": "Part 2 of 3 in a series. Uses contrast between 'generic observation' and 'specific analysis'.",
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      "text": "In contrast, our proposal at the BlackRock AGM is entirely based on the specific analysis of the lack of independent oversight, affecting in practice the malfunctioning of corporate governance within the company.",
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      "text": "In contrast, our proposal at the BlackRock AGM is entirely based on the specific analysis of the lack of independent oversight, affecting in practice the malfunctioning of corporate governance within the company and the external poor exercise of the stewardship function that has exposed (and still exposes) BlackRock (i.e. its shareholders) to the adverse consequences of a very high level of risks (i.e., greenwashing) due to the many inconsistencies and contradictions between the rhetoric and the implementation of BlackRock ESG policy.",
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      "text": "The substantial difference lies in the fact that the boilerplate proposals regarding JP Morgan, GS, and Bank of America are argued based on the generic observation (certainly agreeable) that Chair/CEO role separation with the appointment of an independent Chair in theory enhances the 'checks and balances' mechanism, prevents self-referentiality of a Board where the CEO is the overseer of herself/himself and provide for more adequate independent oversight",
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      "text": "To conform the general trend, at the 2024 AGM season, four different shareholders submitted four proposals advocating for a split CEO/Chairman role at JP Morgan Chase and Co(1), Goldman Sachs Group Inc(2), Bank of America Corp(3) and of course at BlackRock Inc. by Bluebell Capital Partners. The situation at BlackRock is completely different relative to the others.",
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      "text": "1. https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/proxy-statement2024.pdf\n2. https://www.goldmansachs.com/investor-relations/financials/proxy-statements/2024/2024-proxy-statement-pdf.pdf\n3. https://investor.bankofamerica.com/regulatory-and-other-filings/proxy-statements##document-59453-0001193125-24-064529-2",
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      "kind": "title",
      "text": "BlackRock's governance is worse than 'Worst Practice' (2/3)",
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