It is through effective stakeholder capitalism that capital is efficiently allocated, companies achieve durable profitability, and value is created and sustained over the long-term.
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In today’s globally interconnected world, a company must create value for and be valued by its full range of stakeholders in order to deliver long-term value for its shareholders. It is not “woke.” It is capitalism, driven by mutually beneficial relationships between you and the employees, customers, suppliers, and communities your company relies on to prosper.
It is not a social or ideological agenda. Stakeholder capitalism is not about politics. This is the foundation of stakeholder capitalism. Time and again, what they all share is that they have a clear sense of purpose consistent values and, crucially, they recognize the importance of engaging with and delivering for their key stakeholders. Over the past three decades, I’ve had the opportunity to talk with countless CEOs and to learn what distinguishes truly great companies. When my partners and I founded BlackRock as a startup 34 years ago, I had no experience running a company. I write these letters as a fiduciary for our clients who entrust us to manage their assets – to highlight the themes that I believe are vital to driving durable long-term returns and to helping them reach their goals. That is why, for the past decade, I have written to you, as CEOs and Chairs of the companies our clients are invested in.
It is a long-term endeavor, and we take a long-term approach.
The financial security we seek to help our clients achieve is not created overnight. The majority of our clients are investing to finance retirement. Each year I make it a priority to write to you on behalf of BlackRock’s clients, who are shareholders in your company.
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