BlackRock: The Talk of Davos and Beyond
Laurence Fink, Founder and CEO of investment firm BlackRock, made some waves a couple of weeks ago when he called on companies to go beyond simply making profits and serve a greater social purpose. His message was delivered in a letter addressed to the leaders of the world’s largest companies, making it clear that he expects more from organizations that do business with BlackRock. The New York Times interviewed Fink and the story includes Fink’s perspective but other commentators who are weighing in on a move that all seem to agree ups the stakes in the conversation about corporate social responsibility. According to Fin and BlackRock, social good is a need-to-have not a nice-to-have element of corporate strategy, essential for long-term viability and success. The ripple effect continued this week, as “Larry’s Letter” became the talk of the World Economic Forum in Davos. Not surprisingly, there are varying opinions on the call to action in the letter. This piece in Business Insider breaks down the camps that corporate leaders are falling into with regards to the letter.
We’ve been following the story, not only because BlackRock is a Versaic client, but because the broader discussion about why and how companies engage in greater social good is front and center for us and for our clients. No doubt we’ll hear more about this and we look forward to following what promises to be a spirited debate. While not everyone is on the same page in the business world, it’s a healthy and vital conversation to be having, now more than ever. There’s much work to be done and like our clients, we wholeheartedly agree that business has an important role to play in improving our communities and world.
See the full articles listed below:
BlackRock CEO calls for corporations to commit to social good.
This blog is reposted with permission from Mark W. Shamley, President & CEO, ACCP. We appreciate Mark's take on the trends to watch as 2018 gets underway.