UK activist investor Bluebell Capital Partners has put forward a binding resolution to split the roles of chair and CEO at BlackRock, after citing "inherent conflict of interest" in the dual role.
The resolution was put on the asset manager's annual proxy ballot in a bid to change its corporate bylaws to require an independent chair. BlackRock's Larry Fink: 'Portfolio of the future' includes private markets In the submission, Bluebell stated: "The CEO of BlackRock is also the chair. The role of the CEO is to run the company. The role of the board is to provide independent oversight of the CEO. Therefore, in general terms, there is an inherent conflict of interest for a CEO to act as her/his own oversight as chair." "While each situation needs to be reviewed on a case-by-case...
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