Sustainable Brands: “Blackrock, Citi Respond to Turning Tide by Embracing Social Responsibility”
Environmental and social issues are increasingly being used to shape business practice as companies recognize the link between strong ESG performance and profit. But for those that continue to put up resistance, investors and financial institutions are playing an important role in driving change. Case in point: BlackRock CEO Larry Fink has sent a letter to CEOs of the world’s largest public companies to start accounting for the societal impact of their companies — or else, while Citi has committed to closing the gender and ethnicity wage gap in response to shareholder concerns.
Earlier this week, Larry Fink, CEO of investment bank firm BlackRock, sent an open letter to business leaders saying that in order to continue receiving the support of BlackRock, social responsibility needs to rise to the top of their priority lists. Managing more than $6 trillion in investments, BlackRock has substantial global influence, which gives Fink’s “request” considerable weight.
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