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BlackRock chief executive officer Larry Fink reiterated the firm’s plans to improve its diversity and inclusion in his latest annual shareholder letter.
Published on Wednesday, the letter highlights the steps BlackRock has already taken, as well as its plans to work toward net-zero emissions by 2050.
The letter comes at a pivotal time for the world’s largest asset manager. In March,
Institutional Investor reported on several allegations of sexual harassment and discrimination that took place at BlackRock. That day, Fink said in an internal memo to employees that the company had retained law firm Paul, Weiss to conduct an internal review.
BlackRock pledges to conduct racial-equity audit
Signage is displayed at the entrance to BlackRock Inc. headquarters in New York.
BlackRock plans to undergo an external review of how its diversity, equity and inclusion policies impact stakeholders, the firm said in an employee memo sent April 1.
Saying it must lead by example, the memo from Global Head of Human Resources Manish Mehta and Global Head of DEI Michelle Gadsden-Williams referenced the firm s enhanced diversity, equity and inclusion strategy. The goal, it said, is for BlackRock to be a leader in integrating diversity, equity and inclusion into every aspect of our business ranging from our own people and culture, to how we serve our clients, to how we use our voice in broader society.
Kai Pfaffenbach/Reuters
BlackRock outlined its diversity and inclusion strategy at a company town hall on Tuesday.
It laid out a timeline for implementing the changes over the next three years.
Former employees have recently said they encountered discrimination working at BlackRock.
BlackRock plans to start more closely tying managers compensation to diversity initiatives as part of a series of changes that will roll out in the next three years across the world s biggest asset manager.
BlackRock is not alone in the broader asset-management industry in making high-profile pushes on diversity and inclusion. But recent allegations from former employees that they encountered discrimination and harassment while working there have shone a spotlight on the firm.
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