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.
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 | Twitter: @blackrock_news | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock