BlackRock, IncBLK cracked down on company directors representing too many boards in the U.S. technology industry, the Financial Times reports.
BlackRock voted against the reappointment of Sanford Robertson to the board of Salesforce, IncCRM, where he chairs the governance committee. He was the founding partner of PE firm Francisco Partners.
BlackRock also voted against Twitter IncTWTR director Egon Durban, who sat on seven public company boards. Durban is co-CEO at venture investor Silver Lake.
Durban lost his Twitter board membership in May. However, BlackRock urged him to relinquish two other positions to stay on its board.
Contrastingly, rival asset manager Vanguard voted in favor of Robertson and Durban.
For three consecutive years, BlackRock has voted against Alphabet IncGOOGGOOGL board member Ann Mather, a former CFO at animation studio Pixar, because she sits on an “excessive” number of boards.
BlackRock opposed Mather’s membership on the Alphabet board despite exiting the board of Airbnb, IncABNB and Arista Networks, IncANET.
BlackRock voted against Judith McGrath on Amazon.com Inc’sAMZN board for the first time in three years. McGrath was the former Chair and CEO of MTV.
BlackRock opposed the directorship of more than four company boards. Vanguard also maintained the same rule, albeit subject to exceptions.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok
