BlackRock Proposes Proxy Access
October 07 2015 - 4:00PM
Business Wire
BlackRock, Inc. (NYSE: BLK) will put forth a management proposal
supporting the adoption of proxy access in its 2016 Proxy
Statement. Proxy access gives long-term shareholders the ability to
nominate their own director candidates on the company’s proxy
card.
Pending shareholder approval, the management proposal to amend
the company’s by-laws would permit a shareholder, or a group of up
to 20 shareholders, to nominate up to 25% of the Board of
Directors; provided the nominating shareholder(s), and their
nominees, satisfy eligibility requirements specified in the
company’s by-laws. Shareholders would be required to demonstrate
economic ownership of at least 3% of BlackRock’s shares outstanding
for a period of at least 3 consecutive years. BlackRock defines
“economic ownership” as having full economic interest in, including
the opportunity for profit from and risk of loss on, such
shares.
“The Board and senior management of BlackRock operate with a
long-term focus and our strong corporate governance framework
supports that strategy,” said Laurence D. Fink, Chairman and CEO of
BlackRock. “We continually evaluate our governance policies to
ensure they reflect the latest best practices, and we are pleased
to propose proxy access for shareholders with true long-term
economic ownership.”
BlackRock’s management proposal will be voted on at the
company’s Annual Meeting of Shareholders in May 2016.
About BlackRock
BlackRock is a global leader in investment management, risk
management and advisory services for institutional and retail
clients. At June 30, 2015, BlackRock’s AUM was $4.721 trillion.
BlackRock helps clients around the world meet their goals and
overcome challenges with a range of products that include separate
accounts, mutual funds, iShares® (exchange-traded funds), and other
pooled investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base
of institutional investors through BlackRock Solutions®. As of June
30, 2015, the firm had approximately 12,400 employees in more than
30 countries and a major presence in key global markets, including
North and South America, Europe, Asia, Australia and the Middle
East and Africa. For additional information, please visit the
Company’s website at www.blackrock.com | Twitter: @blackrock_news |
Blog: www.blackrockblog.com | LinkedIn:
www.linkedin.com/company/blackrock
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BlackRock, Inc.Media:Ed Sweeney,
1-646-231-0268ed.sweeney@blackrock.comorInvestor
Relations:Tom Wojcik,
1-212-810-8127tom.wojcik@blackrock.com
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