Few private citizens wield more power in America today than Larry Fink, the chief executive of BlackRock.
In pushing companies to embrace climate-friendly policies, that has made him a lightning rod.
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The firm he runs manages some $10 trillion for pension funds, endowments, governments, companies and individuals, equal to more than 10% of the world’s gross domestic product in 2020. Its funds are among the three largest shareholders in more than 80% of the companies in the S&P 500.
As steward for millions of investors, BlackRock wields vast shareholder voting power, which it uses either to back managements or to prod them in new directions.
Today, Mr. Fink is telling CEOs that companies must prepare for a scaleback of fossil fuels, and that the private sector should work towards that goal.
Source: Wall Street Journal
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