New Delhi

Leading global asset manager, BlackRock, revealed that CEO Laurence Fink's total compensation for 2023 dropped by 18 per cent, settling at $26.9 million.

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This is a decline from the $32.7 million he earned in the previous year, as stated in the company's regulatory filings on Thursday.

Founded by Fink in 1988, BlackRock oversees $10 trillion in assets as of the end of 2023 and serves clients across more than 100 countries globally.

Although Fink made several contributions to the company's growth, he currently finds himself under the lens of London-based activist investor, Bluebell Capital Partners.

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The activist group has proposed an alteration to BlackRock's company bylaws, advocating for the chairman to be an independent director.

BlackRock's board, however, has taken a firm stance against Bluebell's proposition and has urged shareholders to vote against it.

This activism from Bluebell comes after their move against the New York-based asset manager about 15 months earlier.

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At that time, the investor wanted to oust CEO Fink, levelling criticisms at BlackRock for its perceived inconsistency in prioritising environmental, social, and corporate governance (ESG) issues.

While Fink's reduced pay is grabbing headlines, it's worth noting that his compensation for 2023 consisted of a base salary of $1.5 million, a bonus of $7.9 million, stock awards valued at $16.4 million, and other compensations worth $1.09 million, according to the Securities and Exchange Commission (SEC) filings.

Comparatively, Fink's compensation stands in contrast to the salaries received by several other Wall Street leaders.

CEOs of major banks like Goldman Sachs, JPMorgan, Citigroup, and Morgan Stanley all saw pay hikes in 2023.

Brian Moynihan, the CEO of Bank of America, however, experienced a pay cut after a 4 per cent dip in the bank's annual profit.

In terms of financial performance, BlackRock reported a 6 per cent rise in profit and a 16 per cent surge in assets under management in 2023 compared to the previous year.

Despite the political backlash faced by the company, which resulted in a loss of approximately $4 billion in assets under management, BlackRock continues to thrive.

(With inputs from Reuters)