BlackRock CEO Fink warns companies need to change or risk losing firm's support

'New model of shareholder engagement'

Larry Fink, chief executive of BlackRock Investment Management, the world's largest asset manager, has told companies they risk losing the firm's support unless they contribute to society as well as delivering good financial performance.

Fink issued the warning in a letter to large companies predominantly in the US, UK, France and Germany at the end of last week stating public expectation had never been greater, the FT reports. He said the "time had come for a new model of shareholder and that "to prosper over time, every company must not only deliver financial performance but also show how it makes a positive contribution to society". Update: BlackRock restructure to see number of manager displacements He added: "Companies must benefit all their stakeholders, including shareholders, employees, customers and the co...