PNC Financial Services Group Inc., BlackRock’s biggest owner with about one-fifth of the shares, has agreed to vote in “accordance with the recommendation of the Board of Directors on all matters,” BlackRock filings show. Silberstein describes Vanguard and Wellington Management, which together own about one-tenth of the shares, as “acquiescent to management.” Through its funds, BlackRock owns about 4 percent of itself.

Silberstein has hopes for Norway’s central bank, which owns 6 percent of BlackRock. The $850 billion sovereign-wealth fund plans to identify a company it deems to be overpaying executives and use it as an example in a report to outline how it weighs compensation matters, it told the Financial Times earlier this month. Absent support from Norway, Silberstein said he’d be happy if his proposal gets 2 percent of the votes. If he got twice that, he said, “people would begin to suspect that the natives are restless.”
 

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