NEW YORK--(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
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BlackRock, Inc.
Media:
Ed Sweeney, 1-646-231-0268
ed.sweeney@blackrock.com
or
Investor
Relations:
Tom Wojcik, 1-212-810-8127
tom.wojcik@blackrock.com
Source: BlackRock, Inc.