We were looking at serious initiatives from the likes of the global managing partner of McKinsey, and from CEOs of some of the world’s largest companies. We stopped when we got to 130! What struck me was that these were not projects by old-fashioned Trots and Marxists to overthrow capitalism. Personally, I did not expect to see the day when I would be more inspired by a 17 year-old Swedish schoolgirl than a president of the USA.Ī few years ago, the Doughty Corporate Responsibility Centre at Cranfield School of Management, which I was then running, did a mapping exercise on initiatives to renew capitalism. You can take pot-shots at who might be “manipulating” Greta Thunberg, but the point I would make is that she will be your employee, your customer, your owner, maybe your regulator or even your nemesis, in just a few short years. This landmark resolution – the first climate change resolution filed at a European bank – requests that Barclays publish a plan to gradually stop the provision of financial services (including project finance, corporate finance and underwriting) to companies in the energy sector, and to gas and electric utilities that are not aligned with the goals of the Paris climate agreement.Īnyone who has children or grandchildren or godchildren in their teens or twenties won’t be surprised by what I have said so far. A proposed motion for the Barclays AGM in May will ask the bank to phase out its financing of fossil fuel companies that are active agents in driving the climate crisis. I did not expect to see the day when I would be more inspired by a 17 year-old Swedish schoolgirl than a president of the USAĪnd, of course, this is not an isolated development. “Given the groundwork we have already laid engaging on disclosure, and the growing investment risks surrounding sustainability, we will be increasingly disposed to vote against management and board directors when companies are not making sufficient progress on sustainability-related disclosures and the business practices and plans underlying them.”
In his latest letter he asks that companies in which BlackRock invests produce sustainability and climate-related risk disclosures against specified international frameworks and warns: Perhaps implicitly recognising those criticisms, Fink this January talks a lot about what BlackRock itself is now doing. (See ESG investors turn up heat on BlackRock) In the past, critics have suggested that Fink should post his letter to his own employees, since despite the exhortations to boards and senior management teams to concentrate on the long-term, BlackRock managers still pushed for short-term returns.
#Jim fink profit multiplier reviews series
Since 2012, Larry Fink has written a series of increasingly urgent annual letters to global CEOs.
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