BlackRock boss steps up security after anti-woke backlash
BlackRock spent nearly $800,000 (£647,000) last year on security for its chief executive Larry Fink following a backlash by activists over the company’s “woke” stance on investing.
The world’s biggest asset manager spent $564,000 upgrading security systems at Mr Fink’s home and $217,000 on bodyguards in 2023, according to a filing earlier this month that was first reported by the Financial Times.
It comes after a wave of criticism aimed at BlackRock, which manages $10.5 trillion on behalf of investors.
As a leading voice in the so-called environmental, social and governance (ESG) movement, the business has repeatedly used its clout to push for more diverse boardrooms and tougher action on climate change.
Mr Fink, a 71-year-old billionaire who sets out his views on social issues in a widely read letter every year, has come under personal attack from Republicans in the US.
Former presidential candidate Vivek Ramaswamy called him “the king of the woke industrial complex [and] the ESG movement”.
Meanwhile, climate activists have repeatedly protested outside of BlackRock’s offices calling for the asset manager to pull out of fossil fuel investments entirely.
BlackRock set up personal security plans for Mr Fink and company president Robert Kapito in 2022 after they were recommended in a study by a consultant.
It said the security services were in the interests of the company and its shareholders owing to the critical value provided by Mr Fink and Mr Kapito.
Other large businesses also increased spending on security for chief executives last year.
Disney’s 2023 compensation package for chief Bob Iger included $1.2m in security costs, up from $830,000 in the previous year.
Meanwhile, investment bank JP Morgan spent $151,000 on security for chief executive Jamie Dimon during 2023, a nearly fourfold increase from 2022.
Pharmaceutical giant Pfizer paid $789,000 for security services for chief executive Albert Bourla.
Mr Fink said in his annual Chairman’s letter to investors: “There are many people with opinions about how we should manage our clients’ money. But the money doesn’t belong to these people. It’s not ours either. It belongs to our clients, and our responsibility and our duty is to them.”
