Fink committed in January to share more information on BlackRock’s stewardship practices. He said on high-profile votes, the firm will disclose its vote promptly, along with an explanation of the decision. BlackRock did so last month when it scolded Siemens AG for its handling of a controversial rail contract for an Australian coal mine.
“Fink is making a really big bet, and I’m afraid if he’s not able to deliver on what he said, it will hit the entire industry,” said Sasja Beslik, head of sustainable finance development at Bank J. Safra Sarasin in Zurich, which manages more than 160 billion Swiss francs ($166 billion) of assets. “People will ask if BlackRock can’t do this, then how can anyone else with less capital and influence.”
This article was provided by Bloomberg News.