BlackRock, with $4.6 trillion of assets under management, is the largest institutional investor in U.S. public stock markets. So when Chief Executive Officer Laurence Fink issues his annual letter to CEOs of Standard & Poor’s 500 companies, they generally listen. “This year’s letter had one notable omission and four areas of specific emphasis that merit the attention of boards and management,” according to Ethan Klingsberg and Elizabeth Bieber of Cleary Gottlieb Steen & Hamilton in this recent blog post. Here’s what you need to know:
• Direct engagement: “Notably absent from the 2016 letter is a call for CEOs or directors to have more direct engagement with stockholders,” say Klingsberg and Bieber. In the past, they say letters suggesting this have “overloaded” communication between public companies and institutional investors.
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