BlackRock's Fink urges firms to 'act with purpose' in 'fragile' world

'Purpose is not a mere tagline or marketing campaign'

BlackRock's Larry Fink has used his most recent annual letter to CEOs to urge the firms the group invests in to focus on their "purpose" rather than profits in an "increasingly fragile" world.

Fink told executives that 2019 poses the threat of market uncertainty and deteriorating confidence, with some warning "increased risk of a cyclical downturn", therefore a "commitment to a long-term approach is more important than ever". BlackRock's Blundell: Brexit will be a positive for markets The BlackRock CEO said firms must embrace purpose in their business models and corporate strategy above the pursuit of profits. He explained: "Purpose is not a mere tagline or marketing campaign; it is a company's fundamental reason for being - what it does every day to create value for its...