The largest investor in the world, BlackRock oversees more than $6 trillion in 401(k) plans, mutual funds and exchange-traded funds. Times contributor Andrew Ross Sorkin obtained a draft letter of Mr. Fink’s statement to executives, which reads, “Society is demanding that companies, both public and private, serve a social purpose.”
The note continues, “To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society.” While profit remains key, Mr. Fink believes carrying out a social purpose is linked to that profit.
Mr. Sorkin writes the call for companies to look past short-term profits toward long-term viability may be a “watershed moment on Wall Street,” given the prominence of Mr. Fink’s firm. BlackRock staff will be added to monitor how businesses respond to the note, Mr. Sorkin writes.
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