:"I don't agree with all of the opinions or conclusions in Terry's book, but I welcome his contribution, and that of many others, to this critical dialogue."
Cathy Seifert, an analyst at CFRA Research who tracks asset managers and other financial firms, said the firm could have communicated and explained its ESG practices more effectively before the backlash snowballed. That presents a challenge for whoever takes over from Fink. The firm has long planned for who replaces Fink as CEO and Rob Kapito, 66, as president.
"Given no mortal can fill Larry's shoes, there is a high risk they pick some Jeff Immelt equivalent," Keeley told Insider. Welch was General Electric's celebrated, longtime CEO before he handed the reins to Immelt, who oversaw a tumultuous period for the company. Part of warding off criticisms that it exerts too much influence on other companies through its funds' stakes has meantfor investors to decide how they'd like to vote their shares. On Monday, BlackRock announced that it planned to expand such a program to shareholders of its largest ETF, the $342 billion iShares Core S&P 500 ETF.
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