BlackRock CEO Fink’s letter to investors cuts DEI references

BlackRock CEO Larry Fink’s annual letter to investors continued the firm’s shift away from politically controversial topics like diversity, equity and inclusion (DEI) as well as environment, social and governance (ESG) policies.

Fink released his annual chairman’s letter to investors on Monday, and the 2025 edition of the letter omitted potentially controversial references to DEI, ESG and climate change. This comes after BlackRock in February announced a shift away from internal DEI policies and dropped such references from its annual report, instead focusing on connectivity and inclusivity. 

When the annual report was released, BlackRock told FOX Business the firm is “committed to creating an environment that supports top talent and fosters diverse perspectives to avoid groupthink.”

In the letter to investors, BlackRock’s Fink included a section that touted the power of financial markets and outlined the need to expand access to portions of the market that have been closed off to many investors, as well as increasing participation in markets.

BLACKROCK FLIPS SCRIPT ON DEI POLICIES IN COMPANY-WIDE EMAIL: ‘ANNOUNCING SEVERAL CHANGES’

BlackRock CEO Larry Fink’s annual letter to investors continued the firm’s shift away from politically controversial topics like diversity, equity and inclusion (DEI) as well as environment, social and governance (ESG) policies. (Kirk Sides/Houston Chronicle via Getty Images / Getty Images)

“Today, many countries have twin, inverted economies: one where wealth builds on wealth; another where hardship builds on hardship. The divide has reshaped our politics, our policies, even our sense of what’s possible. Protectionism has returned with force. The unspoken assumption is that capitalism didn’t work and it’s time to try something new,” Fink wrote.

“But there’s another way to look at it: Capitalism did work – just for too few people.”

“Markets, like everything humans build, aren’t perfect. They reflect us – unfinished, sometimes flawed, but always improvable. The solution isn’t to abandon markets; it’s to expand them, to finish the market democratization that began 400 years ago and let more people own a meaningful stake in the growth happening around them,” he explained.

To that end, Fink wrote that BlackRock is looking to democratize investing by helping current investors access parts of financial markets they’ve been restricted from, as well as by enabling more people to get started as investors. One of those areas is private markets, which are currently inaccessible to most investors.

BLACKROCK DROPS DEI REFERENCES FROM ANNUAL REPORT

BlackRock has moved away from its past focus on DEI policies and ESG investing. (Angus Mordant/Bloomberg via Getty Images / Getty Images)

“Most of us…