Larry Fink, the golden salary of the head of Blackrock and the no of shareholders’ funds: « unjustified »
The vote against the remuneration of the Blackrock CEO at the Assembly of May 15th. About 6.5 million dollars of emoluments are contested
Larry Fink is head of Blackrockthe largest asset manager in the world, with 11,600 billion dollars managed. Yet the powerful CEO, who He publicly asks the American president Donald Trump to go back to the duties And he allows himself to contact the former president of the ECB, Mario Draghi, only with the name of Baptism, finds himself defending his salary in front of his shareholders for the second consecutive year.
This time there are about 6.5 million dollars in the viewfinder. Institutional Shareholder Services (ISS), one of the most influential consultants of institutional funds, recommended to vote Against the FINK salary package at the next Assembly of Blackrock shareholders scheduled for May 15thaccusing the manager of not having adequately responded to the criticisms already raised in 2024, when only 59% of investors had approved the compensation of Fink.
The ISS estimates that the actual salary of Fink is approximately $ 36.7 million, compared to the 30.1 million declared by the companywith an increase of 33% compared to 2023. In addition, although Blackrock consulted its 50 major shareholders after the small majority of approval of the salary plan last year, the ISS believes that the efforts to face the concerns have been insufficient.
According to the proxy advisor, the company avoided granting one -off awards in 2024, but has not clarified how the shareholders’ feedback will influence future decisions. Also, despite transparency increased, The new statements of the company provide « very few additional information » on how wages are determined.
The new « Carried interesting » program launched in February is particularly controversialwhich according to ISS « will probably increase the complexity of the salary package ». This incentive, linked to private markets, will give a part of the profits generated by private market funds, without apparently replacing other components of its remuneration.
Blackrock defended his position, claiming to have « a consolidated culture based on the relationship between payment and performance » and that 2024 was « a year of turning point for revenues, net affluent and other financial parameters ». Although the vote is not binding, a rejection would be a new break for the « king » of New York finance.
