Larry Fink's Letter to CEOs | BlackRock

• "...I believe we are on the edge of a fundamental reshaping of finance."
• "In the near future – and sooner than most anticipate – there will be a significant reallocation of capital."
• "There is no denying the direction we are heading. Every government, company, and shareholder must confront climate change."
• "Each company’s prospects for growth are inextricable from its ability to operate sustainably and serve its full set of stakeholders."
• "The importance of serving stakeholders and embracing purpose is becoming increasingly central to the way that companies understand their role in society... a company cannot achieve long-term profits without embracing purpose and considering the needs of a broad range of stakeholders."
• "A strong sense of purpose and a commitment to stakeholders helps a company connect more deeply to its customers and adjust to the changing demands of society. Ultimately, purpose is the engine of long-term profitability."
• "Companies and countries that champion transparency and demonstrate their responsiveness to stakeholders, by contrast, will attract investment more effectively, including higher-quality, more patient capital."
• "Climate change is different... Companies, investors, and governments must prepare for a significant reallocation of capital."
• "In the future, greater transparency on questions of sustainability will be a persistently important component of every company’s ability to attract capital. It will help investors assess which companies are serving their stakeholders effectively, reshaping the flow of capital accordingly. But the goal cannot be transparency for transparency’s sake. Disclosure should be a means to achieving a more sustainable and inclusive capitalism."