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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": "The slide uses a screenshot of a proxy voting disclosure to prove the contradictory voting behavior.",
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      "text": "This is a joke!",
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      "text": "BlackRock Proxy Voting Results - BlackRock, Inc. Vote Disclosure",
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      "text": "At the 2023 AGM of family controlled Swiss luxury company Richemont SA(1), BlackRock voted FOR the management proposal to appoint Ms. Luhabe as the sole director in representation of the market (Item 4), with the remaining 17 directors, in representation of the controlling shareholder. At the same AGM, on Item 5.9, BlackRock voted AGAINST the management proposal to elect Ms. Luhabe to the Board, as she “serves on an excessive number of public company boards, which we believe raises substantial concerns about the director's ability to exercise sufficient oversight on this board”. As if it weren't enough, Director Ms. Luhabe was first elected on the Board of Richemont at the AGM 2020, as representative of the controlling shareholder",
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      "kind": "paragraph",
      "text": "According to BlackRock, it is in the best interest of their clients (and the market) that an over-boarded Director is not appointed to the Board (BCP concurs). However, the very same Director was endorsed by BlackRock to the Board as the sole Director representing their clients (and the market). With the additional consideration that this very same Director was first appointed to the Board at the 2020 AGM as a representative of the controlling shareholder! This is a joke!",
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      "kind": "quote",
      "text": "“serves on an excessive number of public company boards, which we believe raises substantial concerns about the director's ability to exercise sufficient oversight on this board” — BlackRock (in their voting rationale for Item 5.9)",
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      "text": "1. The capital of Swiss luxury conglomerate Richemont is composed of a dual class of shares with i) privately held high voting ‘B’ shares (9.1% of capital, 50% voting rights) and ii) listed low voting “A” shares (90.9% of capital and 50% voting rights)\n2. Source: https://vds.issproxy.com/SearchPage.php?CustomerID=10228",
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      "kind": "title",
      "text": "BlackRock's vote FOR and AGAINST the same director at the same AGM",
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      "evidence": "The document concludes by presenting a clear victory condition - the adoption of an independent board chair - and supporting evidence.",
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