More than half of the S&P 500 voluntarily report their own Scope 1 and 2 emissions, Fink said. That is why Fink has pushed for climate risk disclosures at companies. "Our job is to think through and model different scenarios to understand implications for our clients' portfolios." Government policy, technological innovation, and consumer preferences will ultimately determine the pace and scale of decarbonization," Fink wrote. "It is not the role of an asset manager like BlackRock to engineer a particular outcome in the economy, and we don't know the ultimate path and timing of the transition. But if clients want to understand how climate risk will affect their investments, Blackrock will provide that information. Treasury, Fink said.īlackrock has customers who want to invest in the energy transition and others who do not, Fink said, and Blackrock serves both types. The federal government's National Flood Insurance Program, which underwrites many insurance policies in Florida, is $20.5 billion in debt and has had to borrow money from the U.S. Natural disasters cost the insurance giant Munich Re $120 billion in 2022, which Fink called "a once unthinkable figure." We're already seeing rising insurance costs in response to shifting weather patterns." In fact, it's hard to find a part of our ecology – or our economy – that's not affected," Fink wrote. There's more flooding, more wildfires, and more intense storms. "Anyone can see the impact of climate change in the natural disasters in California or Florida, in Pakistan, across Europe and Australia, and in many other places around the world. In his annual letter, Fink highlighted the ways that climate change is already impacting financial markets and the economy. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Following a security assessment conducted by an independent consultant, the financial services company also decided that its CEO Charles Scharf should avoid traveling via commercial aircrafts or cars, setting aside an annual budget of $200,000 for his personal use of corporate aircrafts, according to its most recent proxy filing.Best Debt Consolidation Loans for Bad Credit In 2022, the human resources committee at Wells Fargo approved residential security improvements capped at $50,000 per executive, in addition to $5,000 in annual maintenance of these systems. Like BlackRock, some financial companies have only begun to implement security measures in the past year or so. The bank CEO’s use of corporate flights cost $421,583 in 2022.Īnd while Berkshire Hathaway (BRK.A)‘s CEO Warren Buffett and Vice-Chairman Charlie Munger strictly use corporate-owned airplanes for business purposes, the holding company did provide $301,589 worth of personal and home security for Buffet in the past year. An annual allowance of $295,000 each is being provided for their travel needs.Īt Bank of America (BAC), Brian Moynihan’s use of corporate aircraft for all flights, business and non-business related, has been required since 2017 for his personal safety. The asset manager’s board of directors now also requires that Fink and Kapito use private airplanes for both business and personal air transportation, in addition to offering travel options for ground transportation. Similar services were provided for Kapito in early 2023. Individualized personal security programs were implemented in 2022 for the two executives in order to “address potential threats to their safety that have originated in connection with their roles,” BlackRock said in its May 24 proxy statement.īlackRock spent $376,360 last year on security personnel and upgraded home security systems at Fink’s various homes. Robert Kapito (left) and Larry Fink (right). BlackRock has begun paying for security programs its CEO Larry Fink and President Robert Kapito over growing concerns for their safety, according to a recent Securities and Exchange Commission (SEC) filing from the New York City-based investment manager.
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