Larry Fink to CEOs: Treat your workers well
Larry Fink at the World Economic Forum in Davos, Switzerland, Jan. 21, 2020. Photo: Simon Dawson/ Getty Images
The old work world is gone, writes Larry Fink, the biggest investor on the planet, in his closely read letter to CEOs, released on Monday night. Used to be that companies could expect employees to come to the office five days a week, neglect workers' mental health and keep wages low for those at the lower end of the income scale, writes Fink, who is the chief executive of BlackRock. Not any longer.Fink's annual letter — addressed to the CEOs of the businesses BlackRock invests in, e.g.
The term is not "woke," he writes in this year's letter, perhaps as a rebuke to Republican senators like Pat Toomey, who havedriven by mutually beneficial relationships between you and the employees, customers, suppliers, and communities your company relies on toFor the past couple years, Fink's used his annual letter to push companies to respond to the risks of climate change.
In his 2021 missive he said he'd already begun to vote against managers and directors who don't show progress in this area, asA book called "Davos Man," out Tuesday from New York Times global economist correspondent Peter S. Goodman, says stakeholder rhetoric from billionaires, including Fink, obscures the way he and a certain class of super-rich CEO have pillaged the global economy.
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