Activist hedge fund targets BlackRock chairman Larry Fink

Bluebell Capital Partners, a small activist hedge fund in London, aims to remove Larry Fink as BlackRock’s chairman through a shareholder resolution filed with the Securities and Exchange Commission.

The proposal demands an independent chairman for the world’s largest asset manager. Bluebell argues that BlackRock’s board is too large and lacks the independence to oversee Fink effectively.

Fink, who has led BlackRock since its inception in 1988, faces criticism for the firm’s governance, his significant voting power and his advocacy for environmental, social and governance (ESG) investing.

But Bluebell’s minuscule holdings (0.01% or less) in BlackRock’s $120 billion market cap pose significant challenges for the proposal.

However
BlackRock defends Fink’s dual role, citing impressive shareholder returns.