BlackRock CEO Larry Fink says stakeholder capitalism is not ‘woke’

BlackRock CEO Larry Fink says stakeholder capitalism is not ‘woke’

The chief executive of has sought to defend a shareholder movement focused on putting the interests of wider society ahead of profits, saying so-called "stakeholder capitalism" is neither political nor "woke." In his widely followed annual letter to corporate leaders, BlackRock CEO Larry Fink on Monday pushed back against accusations the asset manager was using its heft and influence to support a politically correct or progressive agenda. "Stakeholder capitalism is not about politics. It is not a social or ideological agenda. It is not 'woke,'" Fink said. "It is capitalism, driven by mutually beneficial relationships between you and the employees, customers, suppliers, and communities your company relies on to prosper. This is the power of capitalism." Fink's annual missive to CEOs outlines the priorities that he sees as crucial to helping BlackRock's clients achieve "durable" long-term returns and reach their goals. In recent years, the letter has focused on a range of issues, from boardroom diversity to the climate emergency. His for investment according to environmental, social and governance standards has drawn criticism from all sides. To some and U.S. lawmakers, BlackRock, which last week for assets under management for the first time, has been accused of " " to