BlackRock chief executive Larry Fink said that being “woke” has no place in his business.
In his 2022 Letter to CEOs, Fink instead lauded “capitalism” as the driver of relationships between stakeholders:
When my partners and I founded BlackRock as a startup 34 years ago, I had no experience running a company. Over the past three decades, I’ve had the opportunity to talk with countless CEOs and to learn what distinguishes truly great companies. Time and again, what they all share is that they have a clear sense of purpose; consistent values; and, crucially, they recognize the importance of engaging with and delivering for their key stakeholders. This is the foundation of stakeholder capitalism.
Stakeholder capitalism is not about politics. It is not a social or ideological agenda. It is not “woke.” 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.
Though Fink’s admonition appears to be strong, Fox Business reporter Megan Henney notes that BlackRock has been accused of “woke posturing” as it diverts attention away from investments in China.
“BlackRock is the first foreign-owned, asset management company that has received approval from Chinese President Xi Jinping to start a mutual fund business in the country,” she wrote. “Fink has said China will be one of the ‘biggest opportunities’ for the investment giant over the long term, but has acknowledged the complicated relationship between Beijing and the U.S.”
Categories: Economics/Class Relations