Amin Nasser, CEO of Saudi Aramco, Joins BlackRock's Board of Directors

Amin Nasser
Illustration of company board of directors.(source:Unsplash/Hunter Race)
BlackRock, the world's largest asset manager, has announced the appointment of Saudi Aramco CEO Amin Nasser to its board of directors.

BlackRock stated that this move reflects the company's emphasis on the Middle East as part of its long-term strategy.

"Amin's renowned career at Aramco, spanning over four decades, gives him a unique perspective on many of the key issues facing our firm and clients," said Larry Fink, Chairman and CEO of BlackRock, as quoted by CNBC International on Tuesday, July 18, 2023.

"His leadership experience, understanding of the global energy industry and the shift towards a low-carbon economy, as well as his knowledge of the Middle East region, will all contribute significantly to the BlackRock Board's dialogue," Fink added.

Nasser has held the top position at the world's largest oil company since 2015 and oversaw Aramco's historic initial public offering in 2019.

In 2021, Aramco announced its proposal to achieve net-zero emissions by 2050.

BlackRock itself has been at the forefront of implementing environmental, social, and corporate governance (ESG) guidelines and strategies in the financial industry.

On the other hand, BlackRock has faced criticism for its investments in the fossil fuel industry and has become a target of political scrutiny, receiving criticism from both the Democratic and Republican parties in the U.S. regarding its ESG policies.

BlackRock manages over $8 trillion in client assets as of 2022.

BlackRock's Response to Criticism of Its Policies

Fink previously stated that asset managers like BlackRock are not "environmental police" but rather have a fiduciary duty to provide investors with access to the best and most comprehensive information to make investment decisions, which includes climate data.

"As I have consistently said for many years now, it is the government's job to make policy and enforce the law, and not for corporations, including asset managers, to be environmental police," Fink wrote in his annual letter.

A Brief History of BlackRock, the World's Largest Asset Management Company

BlackRock is the largest asset management company in the world.

The company manages a diverse range of clients, including large corporations, venture capital firms, hedge funds, family offices, and pension funds, across various asset classes.

Products such as Amazon, Google, Microsoft, Netflix, Starbucks, Tesla, Disney, and many others have their funds managed by BlackRock.

Over the past 30 years, BlackRock has grown from a team of eight people to become the largest asset manager in the world, trusted with managing numerous assets and investments. BlackRock is committed to delivering long-term value to its clients and shareholders.

According to BlackRock's official website, the company was founded in 1988 by a group of eight individuals in a single room, driven by the mission to prioritize the needs and interests of its clients.

The founders of BlackRock believed that they could manage assets better for their clients and provide them with benefits and insights in understanding and managing risks.

BlackRock is led by Laurence Douglas Fink, born on November 2, 1952, who is known as the "King of Wall Street" and the "Man with $10 Trillion." Larry Fink is the founder and CEO of BlackRock. He is the son of a shoe store owner and an English teacher, and he studied Political Science at the University of California.

In 1974, he pursued his studies at the UCLA Anderson Graduate School of Management, specializing in Real Estate. In 1976, he joined First Boston, an investment bank. At First Boston, Larry had a successful career and became a legend in the industry. However, in 1986, Larry suffered a downfall due to his incorrect predictions on interest rates, causing the company to incur losses and tarnishing his reputation and career.

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