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 even high CEO pay, at the companies in which they invest." The proposal calls on BlackRock to inve

Want to read more? Register with a few details to continue reading this article or log in.

For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda

Blackrock, corporate governance, Executive pay, finance, Remuneration, Steve Silberstein