BlackRock CEO Larry Fink is facing calls to step down from activist investor Bluebell Capital over the company's alleged 'hypocrisy' in its ESG messaging.
Partner and co-founder Giuseppe Bivona told CNBC Wednesday that the firm was concerned about "the gap between what BlackRock consistently says on ESG and what they actually do," based on Bluebell's encounters with the Wall Street giant during activist campaigns directed at these companies.
"In our latest activist campaign at Richemont, they have been opposing the increase of board representation for investors owning 90% of the company from one to three. I really don't think this is in the best interest of the investor, upon which on a fiduciary basis they invest the money, and of course it's not in the best interest of any shareholder."
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