Philanthropist challenges BlackRock over executive pay voting
Shareholder calls on world’s largest fund manger to bring voting on executive pay in line with other investment managers.
Larry Fink, BlackRock. Photo: Shutterstock
BlackRock, the world's biggest fund manager, faces claims that it is too soft when it comes to voting on executive pay.
Steve Silberstein, a multimillionaire tech entrepreneur and philanthropist, has lodged a shareholder proposal for BlackRock's AGM on 25 May; he claims that the fund manager's record on voting against executive pay proposals is poorer than its rivals.
The proposal says: "Investment companies have a fiduciary responsibility to act in the best interest of their customers and an obligation to vote accordingly. It is not in the best interests of investors, or BlackRock’s shareholders, to have ever-escalating CEO pay, or e
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