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BlackRock CEO Insists He’s Not ‘Woke’ for Driving Reforms

Billionaire Larry Fink argued in his annual letter that social activism by shareholders is “is not ‘woke.’ It is capitalism.”

One of the most prominent voices of capitalism has spoken, and he defended his years-long campaign to improve corporate responsibility as not “woke,” but rather a way for businesses to more sustainably rake in cash. “Make no mistake, the fair pursuit of profit is still what animates markets; and long-term profitability is the measure by which markets will ultimately determine your company’s success,” BlackRock’s billionaire CEO, Larry Fink, wrote in his annual letter. In 2018, Fink penned a separate letter threatening to pull support from companies that don’t “make a positive contribution to society,” though he has resisted calls to fully divest from the fossil-fuel industry, arguing that such a move would “simply drive up energy prices and encourage more of a backlash against green-energy efforts.”