{
  "docId": "019dd923-622b-71dc-a6dd-111c214d7426",
  "docSlug": "4eddd58336e4",
  "documentTitle": "BlackRock (BLK)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona and Marco Taricco",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-04-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.4444444,
  "pageNumber": 52,
  "pageCount": 86,
  "prevPage": 51,
  "nextPage": 53,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a screenshot of BlackRock's proxy voting disclosure to substantiate the claim of voting against the proposal.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "screenshot",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-111c214d7426/52",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-111c214d7426",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-111c214d7426.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-111c214d7426#slide-52",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.05,
        "y": 0.78
      },
      "kind": "callout",
      "text": "According to BlackRock, it is in the best interest of their clients (and the market) to have one Board seat instead of three, in a Board composed of seventeen directors, sixteen of which appointed by a controlling shareholder via multiple voting shares (1:10) with only a 10% economic interest",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6345da5d-b6ae-4763-8dde-3259b46946bc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.45,
        "x": 0.52,
        "y": 0.15
      },
      "kind": "image",
      "text": "BlackRock Proxy Voting Results disclosure",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4fa65057-1719-490d-885b-d5fbb20ba9fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.45,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "list",
      "text": "At the 2022 AGM of family controlled Swiss luxury company Richemont SA, Bluebell Capital Partners proposed to increase from 1 to 3, the board seats to be allocated to the market on a Board then composed of 17 Directors.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e061d9d-0eef-4018-9fea-f43f2f4db77d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "list",
      "text": "BlackRock voted AGAINST this proposal in line with the management recommendation in the interest of the controlling shareholder.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2fa60662-ff27-462e-85d0-1b333ef22fc3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.45,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "list",
      "text": "BlackRock not only voted AGAINST the proposal, but also described the resolution to its own clients as a proposal intended to 'increase of the board minimum size from three to six', which would have been simply a mechanical consequence.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4dab5ca7-2d68-4d20-b41c-e4bc6a9a6001",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "list",
      "text": "Anecdotally, according to Richemont, BlackRock had an existing commercial relationship with Richemont as manager of its liquidity portfolio.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d68933f-5455-4694-8e43-7e5c48061e58",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.7,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "1. The capital of Swiss luxury conglomerate Richemont is composed of a dual class of shares... 2. September 2022 BlackRock voting at Richemont AGM... 3. Richemont press release...",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d5da9f1-e0b9-4c41-b0e1-0155ef4dcf7f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "BlackRock’s vote AGAINST the increase of Board representation for the market",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4db284eb-8766-47b7-b617-726d93b5fc7f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "3c7543f2-fbd6-4936-81dd-805b6196ab04",
      "evidence": "Contrasting BlackRock's stated interest in client/market value with their actual vote against board representation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 86,
      "from": 41,
      "beatId": "f205ac57-e480-4775-86ec-0e53ff9088b6",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory - Achieving Independence",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The document concludes by presenting a clear victory condition - the adoption of an independent board chair - and supporting evidence.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}