In his annual letter to CEO, BlackRock Inc. Chief Executive Officer Larry Fink stated
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When my partners and I founded BlackRock as a startup 34 years ago, I had no experience running a company. Over the past three decades, I’ve had the opportunity to talk with countless CEOs and to learn what distinguishes truly great companies. Time and again, what they all share is that they have a clear sense of purpose; consistent values; and, crucially, they recognize the importance of engaging with and delivering for their key stakeholders. This is the foundation of stakeholder capitalism.
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In this year's letter, he has clealry stated his position about fossil fuels, it's worth noting his recommendations for CEOs and the role of start-ups as well as bold incumbents in bringing about change.
#1 COVID-19 has also worsened divisiveness and eroded faith in established institutions in a number of Western democracies.
#2 It is more critical than ever for CEOs to have a consistent voice, a clear purpose, a defined plan, and a long-term perspective.
Businesses that do not embrace sustainable business methods will fall behind.
#3 Established business leaders must comprehend the shifting landscape and the diversity of available capital if they wish to remain competitive against smaller, more agile competitors.
#4 Begin by establishing your company's mission as the cornerstone of your connections with employees. This is crucial for long-term success.
#5 Employees must understand and identify with company mission; when they do, they may be your most ardent supporters.
#6 Effective capitalism requires employees to demand more from their employers.
#7 Almost every area is rife with disruptive startups vying to unseat market stalwarts.
#8 Have faith in capitalism's capacity to help individuals achieve better futures, to stimulate innovation, to construct robust economies, and to address some of humanity's most intractable problems.
#9 Access to Capital is not a right. It is a privilege.
#10 Not just startups have the potential to and will disrupt sectors. Additionally, bold incumbents may and must do so. Indeed, many incumbents have a competitive advantage in terms of cash, market knowledge, and technological competence on a global scale, all of which are necessary for the upheaval that lies ahead.
BlackRock, is a New York City-based multibillion-dollar investment management firm. BlackRock was founded in 1988 as a risk management and fixed income institutional asset manager. By January 2022, the company had grown to become the world's largest asset manager, with US$10 trillion in assets under management.
for the complete letter The Power of Capitalism https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter