10/28/2023 0 Comments Larry fink ceo letterNonetheless, publications including the Financial Times were fooled by an idea that they would have deemed utterly implausible coming from BlackRock just five years ago. It is hard to overstate how significant such a move would be for companies and for the environment as Fink subsequently showed, BlackRock is not ready to put its money where its mouth is to such an extent. Here are our four main takeaways: It’s such a big deal that it spawned a hoax-which people fell forĪn activist group called the Yes Men released a spoof letter the day prior to the publication of the official document, saying that BlackRock would begin treating companies that do not adhere to the Paris Climate Agreement as “sin stocks”-like purveyors of tobacco and weapons. Its advice to business reflects sustainability best practice and is fantastic news for anyone with concerns about today’s social disruption and environmental destruction. This year’s highly anticipated letter from Fink appeared on January 17, reiterating and expanding upon many of his 2018 points. Suddenly, every business meeting I attended featured a conversation about the implications of the “Larry Fink letter.” The mainstream business press is still debating the questions Fink raised. In it, Fink, chief executive officer of BlackRock Inc., the world’s largest investment firm, made the bold declaration that “to prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society.” A direct riposte to Milton Friedman’s 1970 argument that “the social responsibility of business is to increase its profits,” Fink’s statement rapidly appeared in thousands of articles and PowerPoint slides. Last year, Larry Fink’s annual letter to CEOs forged its way into public and corporate consciousness. in Modern History from Balliol College, Oxford University. in Organizational Psychology from Columbia University, and a B.A. in International Relations from the University of Chicago, an M.A. She is also an Adjunct Professor at NYU Stern School of Business.Īlison holds an M.A. She is a board member of the ethics organization Center for Business Ethics and Corporate Governance and a member of the World Economic Forum’s Global Future Council on Transparency and Anti-Corruption. She speaks and writes regularly on risk and organizational culture. She has experience in strategic intelligence, market entry assistance, risk consulting, due diligence, internal investigations, enterprise risk management, and ethics and compliance. She focuses on approaches to sustainability through risk management, strategy, stakeholder engagement, transparency, ethics and governance, and organizational change.Īlison has also worked as a senior managing director at Control Risks, where she helped companies operate with integrity, particularly in high-risk environments, and for Transparency International, PricewaterhouseCoopers, and IHS Global Insight. Previously, Alison led BSR’s sustainability management practice and oversaw the supply chain practice and the Sustainable Futures Lab. Alison is Executive Director at Ethical Systems, a research collaboration on ethical culture, housed in New York University (NYU) Stern School of Business.
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