BlackRock received 67% shareholder approval for its executive compensation plan at its annual meeting, up from 59% in 2024, but still below the average for major U.S. companies.
CEO Larry Fink, who earned $30.8 million in 2024, used the event to defend the company’s direction and reassure investors about the global economy.
Proxy adviser ISS had urged a vote against the pay package, citing a lack of clarity on how compensation was determined. Despite the modest improvement in support, the vote remains well below the S&P 500 average of about 90%.
Fink responded by highlighting BlackRock’s strong year, noting record inflows, revenue, and operating income. Another adviser, Glass Lewis, had recommended voting in favor of the pay plan.
Speaking at the meeting, Fink said that while market disruptions continue, they are not signs of deeper trouble. “There isn’t systemic risk. There isn’t a pandemic. Our financial system is safe and sound,” he said.
Fink also addressed criticism of the company’s changing stance on environmental, social, and governance (ESG) issues. He explained that BlackRock follows the preferences of its clients, saying, “We are the largest investor in both hydrocarbons and renewables.”
A conservative-led resolution opposing BlackRock’s ESG approach gained just 1% support, and all 18 board nominees were elected with over 98% approval.
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