BlackRock CEO Larry Fink has called on CEOs to have “a consistent voice” and “a clear purpose”, given that the pandemic has “redefined” the relationship between a company, its employees and society, but rejected the idea that stakeholder capitalism is about being “woke”.

In his annual letter to the CEOs of the companies BlackRock’s clients are invested in, titled ‘The Power of Capitalism’, Fink wrote: “In today’s globally interconnected world, a company must create value for and be valued by its full range of stakeholders in order to deliver long-term value for its shareholders.

“It is through effective stakeholder capitalism that capital is efficiently allocated, companies achieve durable profitability, and value is created and sustained over the long term.”

But he said that stakeholder capitalism is not about politics, nor is it a social or ideological agenda, adding that “it is not ‘woke'”.

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