BlackRock Spells Out What It Meant in `Larry's Letter' to CEOs

(Bloomberg) -- When BlackRock Inc.’s Larry Fink sent a letter to CEOs in January, some executives and directors were stumped about what he meant by asking companies to explain how their business makes “a positive contribution to society” beyond financial performance.

The $6.3 trillion asset manager spelled out Wednesday what its chief executive officer was asking for -- by posting documents on its website with more than 20 questions it may discuss with boards and executives, on issues including climate change, human capital management, diversity and executive pay.

BlackRock expects to meet with hundreds of board members and executives in its portfolio companies over the next few months ahead of the U.S. annual meeting season. The firm, which is frequently the biggest holder of many public companies, has been trying to raise the profile of governance issues for long-term investors.

To contact the reporter on this story: Emily Chasan in New York at echasan1@bloomberg.net.

To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Dan Reichl

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