UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant x Filed by a Party other than the Registrant ¨
Check the appropriate box:
| ¨ | Preliminary Proxy Statement | |
| ¨ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |
| ¨ | Definitive Proxy Statement | |
| ¨ | Definitive Additional Materials | |
| x | Soliciting Material Pursuant to §240.14a-12 | |
BlackRock, Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
| x | No fee required. | |||
| ¨ | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. | |||
| (1) | Title of each class of securities to which transaction applies:
| |||
| (2) | Aggregate number of securities to which transaction applies:
| |||
| (3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
| |||
| (4) | Proposed maximum aggregate value of transaction:
| |||
| (5) | Total fee paid:
| |||
| ¨ | Fee paid previously with preliminary materials. | |||
| ¨ | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. | |||
| (1) | Amount Previously Paid:
| |||
| (2) | Form, Schedule or Registration Statement No.:
| |||
| (3) | Filing Party:
| |||
| (4) | Date Filed:
| |||
CHAIRMAN’SLETTER
Tomyfelowshareholders
April10, 2016/by Larry Fink
Chairman’s Letter to Shareholders from BlackRock’s 2015 Annual Report, which will be published April 15, 2016.
SinceBlackRock’sfounding28years ago, we have earned thetrust of
our clientsandcreated valuefor ourshareholdersby helpinginvestors
navigate theglobal marketsto buildbetter nancialutures. f
nvestors today are facing tremendousing economic growth,uncertainty fueled
technological disruption andy.social Particularly worrying and geopolitical
Ithe adoption of negative interestting to spark economicrates by central banks
growth. These actions are severelys savers and creatingpunishing the world’
incentives to reach for yield,id asset classes and increasedpushing investors into less
levels of risk, with potentiallyic consequences.dangerous financial and
Markets are still digesting thenergy as a mix of technologydramatic shift in the cost
and geopolitics has. Beyondtransformedits effect on energy prices, technologysupply
continues to disrupt many industries, reshapes global employmentand even societies,
markets. In China, growth isfects.slowing, In the U.withS.global, the quality ofef
earnings is deteriorating, with5 driving valuations — anrecord share repurchases
indication of companies succumbingrmism in place ofto the pressures of
constructive, longterm, electoral politics is contributing strategies. Finally
uncertainty around the globe. Polarizingand Germany; governmentelections in the
transitionsaiwan and Canada; political andin Spain, T economic criseshe UK
vote in June on whether to leave thentinue to drive volatility.European Union will
In such a hostile landscape, our mission for investors has
responsibilitywefeeltoclientsstronger.Webelievethetrustthatclientsplaceinusmust
beearnedeveryday,andthat’swhyweremaincommittedtoconstantimprovementand
reinvention.
1
BlackRock has always worked to anticipate es fecting af and our embrace the global markets and the financial From our services earliest forts toef build our own technology to help clients olios, quantify to providing risk access to a full range of active on and a index single investment platform, expanding the use of new investment sting strategies and big data, like BlackRock has never stopped innovating — and we never
Our commitment to our clients and ganization to constantly to meet needs is also central to our framework alue for for our creating a letter I sent earlier this year weto invest CEOs of oncompanies behalf of clients, I asked every CEO to lay strategic out for their framework term value creation — one that provides ture, articulates perspective the of the ecosystem on , explains their strategy how changes in that company to change course and identifies framework metrics for long that sustainability. In this , it letter is my goal to do that s shareholders for you, BlackRock’ .
This ‘year s annual report explores how the foundation over the past we 28 years at BlackRock built for . It is change tells the story of how transformation are core to how we manage serve the clients firm; and how global investment platform, use of culture technology allow and us to our client; how we help our clients vocate invest on their with behalf how we are developing s nextthe generation firm’ of leaders — all of value for our shareholders over the long term.
Generatinglong erm -t shareholder
Our trategicframework s orlong f erm -t shareholder valuecreation
BlackRock’s framework for longterm shareholder y aligned value with acting as a fiduciary to our clients sell individual . Our goal is not rather to understand clients’ objectives olutions that and help fashion those objectives. While many firms er firm claim can to draw do the on breadth of active, index and alternative ent stylesstrategies; across asset classes and regions and of risk management ilities. And and because clients’ needs are constantly changing, p back, think we regularly about products, services and solutions andthey invest will inneed those in
We believe that investing in and lient building needs our will platform deliver industry organic leading (net growth new asset flows from clients), increase operating over margins time return and to capital shareholders on a basis.
Our longterm shareholder value creation d in close framework withBoard our of Directors and our Board continues to playur an active strategies to deliver on the framework gress against and it. At our full Board meetings, which take s per place year a and minimum include of least one full session dedicated , BlackRock’sto Board firm reviews level our financial performance as well as ecific the high strategies level and
2
driving our results. The Board fosters constructive their near and longterm strategies ets, the regulatory in the environment and the competitive landscape in which we operate
While our longterm valuecreation stent over the past framework has several years, we are constantly evaluating the areas that might require. For example, in response to market us to pivot our strategy volatility in recent quarters, we xpense discipline and have sharpened resource allocation to ensure our ptimized to achieve our ongoing longterm growth strategy.
In our strategic framework, we have set set growth target of 5%. a firmlevel e seek to achieve that goal by executing on our anticipate will drive organic base as growth in our higher fee growth in fee Retail andiShares businesses outpaces that in our Institutional
Drivers of shareholder value
highsingledigit organic byasset enhancing growth our in product Retail focusing on an outcomeorientedutions approach and to more penetrating distribution channels; lowdoubledigit organic for iShares asset by driving growth global and increasing our global market es share in client as we and segments, including core investments, ecision financial exposures fixed income ETFs; and lowsingledigit organic asset , by deepening growth client relationships through a solutions fective oriented crossselling BlackRock Solutions’ analytical and risk
3
We believe in scale as an important , and capitalize on it in driver of operating areas including indexbased investment ng and our technology strategies, platform and associatedAladdin business.
Finally, we are committed to leveraging our st to invest in our cash flow business for growth, and then returning eholders through a all consistent and predictable. We use our cash to seed and co capital management invest in our own products to facilitate gn interests with clients, and timetomarket we take a targeted approach to acquisitions, gic, complementary capabilities that enhance our e future organic growth. ability to serve e target a dividend payout ratio of ed share repurchase 40–50% and program, while maintaining flexibility ortunities should they arise to address
Tactically, generating shareholder value is lobal investment function of platform while leveraging our global reach. distribution several years, we have made significant at are generating growth investments and, therefore, value for shareholders today.
However, we do not generate value for our shareholders in a vacuumuctuations in market dynamics and longerterm changes egulatory landscape, in in the technology and in demographics have strategy and how we implications execute on it. In the next few pages, developments are impacting I will discuss how our business and the future needs performed against this of our clients, how backdrop in 2015 and how BlackRock light of changes in our is adapting our ecosystem in order to continue generating consistent growthr time.
Executing onourstrategicframework involatile markets
BlackRock’s 2015results
The key driver of s performance in 2015 was not our BlackRock’ , but rather our deliberate fort over time to build a diverse, futurefocused ef positions our business to generate shareholders in a changing results and world. e grew revenue and operating income, W 2015, despite more than $150 billion of negative market depreciation on our foreign exchange assets under management.
We generated industryleading organic $152 billion of longterm asset growth net inflows, maintained a stable at 42. operating margin, as invest in our business in a challenging returned approximately market $2.6 billion of capital to our shareholders, al payout ratio of 77%.
4
We saw $61 billion of net inflows ndex & iShares. in active and $
We constantly strive to improve our active in our team and capabilities s most durable alphagenerating to build the
Flows into active products in 2015 were driven year end, 91% of our active taxable fixed income equity assets were above benchmark year period. or peer Our fundamental active equity business forts to reinvigorate and benefited the team, generating strong returns for our peer median for the oneyear period.
We raised $39 billion of net inflows iShares and in Retail, $ $ Institutional fset by Active, $ of
In Retail, we manage more than $540 billion on to increase our share of e are enhancing distribution by global distribution. W technological advantages, building on existing firms and leveraging our differentiated platform to increase our presenceng Registered Investment e continually evolve our product set Advisor channel. W have both the active and index strategies our we continue to invest in the BlackRock brand.
As ETF adoption spreads, we are forecasting o double to global $ the next five years. Growth in iShares will be via new product uses and deeper and ent segments. broader
Across our Institutional Client base, we remain and 53% of our largest institutional clients Using strategies across our diverse platform, we solve our clients’ most complex e leverage the analytical investment needs. Aladdin, our proprietary risk management and capabilities of our Client Solutions and Financial guidance our clients need to achieve their longterm objectives.
Across client types, we generated equity, $53$ of income, $17 billion in multiasset and es. $
And the global and diverse nature of our platform net inflows in excess of $1 billion d a record 65 Retail and in each of 13
5
iShares funds each generated more s for the year. than $1
BlackRock’s diverse platform enables us to ugh market generate cycles, which positions us to invest for the long from our competitors — especially in terms of balance between investing for future etionary expense growth and management, we will continue to deliver value for our shareholders.
Changes in theinvestment
Impact on our clients and our
BlackRock’s ability to create value for shareholders ty to understand, anticipate and adapt ahead of changes to the ecosystem in we operate.
Markets have struggled to digest of energy over the past 18 the dramatic months. Producers, exporters, equipment tor participants have suppliers suffered, but we have yet to see a noticeable s consumers pay less at uptick the pump. Markets are also weighed down by meet liquidity needs.
In China, the waning construction boom has left a bank balance sheets, raising questions fuel future growth. on how fs the in the Chinese markets and inconsistent eightened investor policy frustration and uncertainty and threatened global growth.
Extraordinary monetary policy continues markets. to be a Bloomberg, average yields on more bt have been held below than $1 trillion zero for a record stretch, and more government debt has a than twothirds negative yield. o be fair, these actions are the result of T central bankssolve economic problems without the help of Europe, crossborder) of coherent fiscal policies.
There has been plenty of discussion about how the has contributed to inflation in asset prices. yield by taking on more risk and classes — a potentially investing in less dangerous combination for retirement savers.
Not nearly enough attention has been paid to the toll these low rates — and now negative rates — are taking on the ability of investors to save and plan for the future.
Not nearly enough attention has rates — and now negative been paid to the rates — are taking on the ability for the future. of investors to invest more today to achieve their come in the future. desired annual example, a 35yearold looking to generate retirement income$48,000
6
beginning at age 65 would need to invest $178,000
In a 2% interest rate environment, , that individual would need to invest however (or 3.2 times as much) to achieve in retirement. the same outcome
This reality has profound implications for need to reduce spending if theyment income goals, and are going to reach retirees with lower incomes will need l. A monetary policy to intended to spark growth, then, in r spending. fact,
Against this backdrop, the world is undergoing changes. While the valuations of many highgrowth automation and innovation are accelerating, essure on jobs and transforming industries. Research cited in the
President suggests an 83% probability that automation wage below $20.
Workers and governments must fects of increased also navigate, as large the segments of the population are increasingly we have yet to find effective ways to fully harness their economic
Governments around the world musto address the adopt more retirementsavings crisis and the ic risks.
The failure of governments, including the United States, to develop globally plans for longterm growth and address ment in infrastructure the dire distorts the role of , diminishes employment opportunities and monetary policy by robbing them of vibrant economies to invest in.
The United States, , is at a crossroads in particular in our ef technology, longevity, climate change, trade and immigration —not toe geopolitical instability — questions that to choose its next president.
Taken in totality, these and other risks createal economy that level of we have not seen since the leadup to financial indicators, like sustained, albeit modest, growth probability for ongoing recovery that recovery falters has remains high, profound and farreaching consequences.
We are working across our platform at BlackRock understand and anticipate the impact ynamics. of this, marked by volatility and rapid ackRock’s differentiation can change, that most benefit clients and truly sets us apart as a firm.
Investing inour technological e
Strategicinvestmentsthat willdrivelong-term shareholder value
From Aladdin’s humble beginnings on a single computer sandwiched refrigerator and coffeemaker, to its current configuration s leading as technology platforms, BlackRock has chnology to help our always used
7
clients understand and navigate markets. With professionals, we remain true to our roots as a technology firm. today
Aladdin — the heart and soul of our technology common language for the firm and a lens for problem code, Aladdin carries out 250,000 ial calculations every day. trades and We are constantly investing in, building are exploring new ways to and evolving leverage its capabilities.
Beyond Aladdin, BlackRock forts to leverage is intensifying s most advanced the ef technologies to identify new sources estment products and of alpha, portfolios and enhance client service.
Synthesizing ta big da
Second by second, the world is generating ta — as much as 2. massive quintillion (2.5 x 1018) .. IBM estimates that 90% of the data in the bytes every day today was created in the s critical to surface and harness the last two years. It’ number of insights hidden in that r clients. data
BlackRock investment teams — including uity (SAE), ModelBased our Fixed Income and MultiAsset Strategies ogybased tools and teams research methodologies such as machine learning, data visualization and distributed nable alpha. computing, e recently W unified our equity platform s insights in fundamental equity to better leverage strategies. These tools can helprs, such as analysts and to discern what employees, are trying to tell us about individual economic indicators fer clues to the outlook for entire industries that may of
Focusingon actors f
Advances in data science and analytics are the potential for deeper understanding and their causes and effects. of these
Factorbased investing seeks to identify drivers of return. It formalizes, dentifying inexpensive for example, the companies (value investing) or highquality lity investing) styles that have long been part of the active managementt.
BlackRock manages more than $125 billion in income and commodities. The. Andrew Ang, who joined us from platform is led by Dr Columbia Business School. Ang is a pioneer in the field of factor in 2015. Dr the study of risk and return in asset prices.
Our platform combines “Smart Beta” es.and of longonly, benchmarkdriven strategies built capture one orfactors while pursuing a variety of outcomes — such as reducing diversification. Our enhancedfactor strategies with discretion, including strategies rketneutral offerings. such
8
New ways ofreaching and serving
According toBlackRock’s 2015 Global Investor , 87% of investors use the Pulse Survey Internet for some form , from online banking to managing their of financial activity investments. Understandably, clients also want financial advisors to usep them save and invest. In 2015, we embraced cquiring the Silicon Valley this startup FutureAdvisor, a cuttingedge solution for BlackRock’ partners.
FutureAdvisor, which operates within BlackRock Solutions, allowsgthen our relationships with ourfering their clients partner institutions, technology by enabled advice and thereby improve client acquisition andtion.
We are complementing FutureAdvisor across the breadth of clients’ existing th multiasset model portfolios, superior investments well as the power of products and Aladdin. Since we closed the acquisition in the interest has already produced several businesstobusinessracts.
Aladdin — the heart and soul of our technology platform —is more than a system: it is a common language for the firm and a lens for problem solving.
Enhancingconnectivity
Every, we assess how BlackRock’s organizational structure might be year ahead of changes in the market and our n ever, clients demand clients’ guidance and unified solutions that span the products. This, to better meet our clients’ evolving investmentd to year strengthen our investment platform number of changes to for the long enhance connectivity across regions and investment strategies
In equities, our clients increasingly solutions, whether seek fundamental or quantitative o drive connectivity (and returns), we strategies. T combined our Fundamental Active Equity ified active equity and SAE business to allow our investment by more professionals on both SAE’s data expertise and ours depth of research. fundamental
We also strengthened the role of our regional and attract talent, helping support al and local in how we our goal of manage investment products e are sharpening our focus on key and serve clients. W areas, such as multiasset strategies, where our competitive advantage.
Finally, we are creating a common, unified infrastructure tour investment professionals and communicate with clients about
9
part of this evolution, we broadened BlackRock Investment Institute (BII) the mandate to include deeper research capabilities s for clients. and more tool to offer our investment professionals of the world and a more provide better insights to our clients.
Investingfor purpose
As a global citizen, BlackRock is committed to which we do business and on the lives of our clients products that align with their ucture that both delivers values, to investing desirable investment outcomes and drives economic and plan their retirements more effectively.
Infrastructure investing helps create a more fertile long-term economic environment, generates jobs and aligns with the longer time horizons afforded by greater longevity.
Sustainable investing
Demand — and opportunity — are growing s that combine for positive social or environmental outcomes with financials.
The diverse motivations driving this demand range asset owners’ missions and regulations and to demographic shifts, as women and millennials gather moreets.
We launched BlackRock’ssustainable investing to provide three primary platform categories of sustainable investment strategies and performance:
Exclusionary screens, which avoid ies not aligned with specific clients’ values;
Environmental, social and governance (ESG) hich incorporate ESG Factor factors to identify investment risks and opportunities; Impact investing solutions, which nvironmental outcomes target and financial returns.
BlackRock currently manages more inable investment than $200 billion strategies.
Buildinginfrastructure
Another increasingly attractive social benefit is investment infrastructure. Persistent low rates re elevating real assets, and modest including infrastructure, as an attractive way to 53% of respondents to a BlackRock ndicated they would Institutional
10
increase their allocation to real e investments assets fer clients of 2016. diversification, yield, inflation protection and duration returns.
Infrastructure investments, , are not just a growing source of return for however —they are a global, providing numerous benefits to society. necessity
According to The Economist, a $1 trillion annual decreasing productivity and. Infrastructure investing helps economic opportunity more fertile longterm economic environment, aligns with the longer time horizons afforded by greater longevity.
These growing needs create both an opportunity infrastructure e recently acquired capabilities. Ws leading infrastructure Latin America’ Cuadrada, and are working closely ions around the world to with governments connect public projects and private capital.
This year, we also unified our multiproduct ate businesses to form a Real Assets group, leveraging their global presence in a combined platform ssionals across 22 offices with globally, managing more than $30 billion in assets.
Closingtheretirement gapwith etire iR
Life expectancy continues to rise, but the structure policy are not keeping pace. For too long, investors outdated concept, which provides little clarity on how much of the nest egg investments will yield in retirement.
BlackRock is offering distribution partners advisors to help new turn client focus from the nest iRetire enables advisors to egg to retirement combine the best s technology and retirement thinking — model of BlackRock’
CoRI® retirement income indices and the s of Aladdin — to risk help clients reach their retirement income goals.
iRetire is more than a technology s part of BlackRock’s effort to and investment help reframe the retirement conversation. and investors with a By powerful tool to plan for the future, we can not but also change the retirement mindset for all investors.
Takingresponsibility
BlackRock’s fiduciary perspective responsibility as and sense of drive us a not only to secure better financial futures for ensure the longterm sustainability companies we invest in on of our own behalf of our clients.
Financialegulatoryeform
Financial regulatory reform began with the
11
few years to encompass an increasing number of aspects of asset management. Just few examples under way: the chair of the Securities and Exchange initiatives addressing investment e UK’s Financial Conduct advisors and Authority has announced its asset he U. management S.
Labor is changing the landscape for retirement accounts.
BlackRock supports financial regulatory ransparency, protects investors and facilitates responsible growth of choice, assessing benefits versus implementation field across products. Our Government Public team has provided Policy Relations thought leadership on a wide range based on these guiding of regulatory principles.
Investmentstewardship
To engage effectively with companies in which ients, we have we invest built the s largestinvestment stewardship team. industry’ approximately 1,500 companies per votes at more than year on a range 15,000 shareholder meetings worldwide on more than 130,000osals.
BlackRock’s fiduciary perspective and sense of responsibility as a public company drive us not only to secure better financial futures for our clients and those they serve, but also to ensure the long-term sustainability of our own firm and of the companies we invest in on behalf of our clients.
We continue to encourage these companies reholder value by to asking CEOs to lay out a strategic e creation framework and for af has been reviewed by their board. The goal is not financial markets, but also to create a more
Generating sustainable longterm returns for our challenges companies, such as climate or changing labor markets, face today investment analysis and decisionmaking o better inform our portfolio managers on these issues, we have integrated ta on our portfolio ESG companies directly into Aladdin.
Corporate sustainabilityat BlackRock
BlackRock’s approach tocorporate sustainability is critical to delivering on our for longterm shareholder e embrace a longterm perspective in value creation. W we operate, invest, serve our clients and give back clients live and work.
12
As an asset management firm, BlackRock sive business, is a human longterm sustainabilitye’re depends dedicated on our people to . retaining talent, fostering a strong taining firm an wide diverse corporate e also environment firmly believe . W in a payaligning employee incentives andl compensation performance
With more than 12,000 employees fices in throughout 30 countries, of deliberate in our commitment to . We using continuously resources ways to reduce fsetor our of environmental impact. ,By upgrading mechanical equipment, using ower for renewable two of largest data centers and pursuing r corporate high fices, of has reduced our carbon footprint by and 1%cut perour since 2012.
We pride ourselves on our reputation ivities for in the ethical and professional , guided bymanner our corporate practices as well as strong Board oversight.
Our Board of Directors
Engaged and vitalto success
It has always been important sBoard to me of that Directors function BlackRock’ as strategic partner and sounding board g us to for be better more innovative. This perspective orporate is in line philosophy: Boards should be deeply andengaged, frank feedback, and rely on an open dialogue n a clear with of short and longerterm strategic plans.
BlackRock’s Board continues to play just such in our an growth success. As I mentioned , at eachearlier Board meeting, we review strategy with our Directors, and rough each dialogue discussion debate, which our leadership team re embraces not without . Those controversy and disagreement — and sh those us to tough make difficult decisions required to build d plays better an active talent development as well, dedicating year to at talent least have the right people in place to and execute are developing on our to fill these roles in the future ders . Building that is open a and external ideas is s long vital term to BlackRock’ success.
It has always been important to me that BlackRock’s Board of Directors function as a key strategic partner and sounding board for management, challenging us to be better and more innovative.
Our Board also takes an active role governance in ensuring
13
2015, incorporated feedback from shareholders on proxy access policies and practices to inform the management proposal for proxy access included in this year’s Proxy Statement.
As BlackRock has evolved, so has our Board’s pursuit of strong corporate governance and standards of excellence. This year, Gordon Nixon joined the Board, having led Royal Bank of Canada, a global and diversified financial services organization, at a time of substantial regulatory and economic change.
BlackRock is fortunate to have the partnership and oversight of a strong and multifaceted Board that offers diverse perspectives rooted in deep experience in finance, industry, academia and government. Our Directors’ counsel is invaluable, and I thank them for their service.
Our culture: Fiduciaries and innovators
BlackRock’s fiduciary and innovative culture guides us as we work to reinvent and improve the firm. Developing talent and new leadership has always been a core part of who we are and drives our ongoing assessment of our people and organization to surface ways to improve.
In keeping with this commitment, this year we again announced a number of enhancements to our leadership team — as we did in 2012 and 2014 — many of which I touched on above. Each time, these organizational changes have been a great benefit to our clients, our shareholders and the development of the leaders themselves.
I’m incredibly proud of our depth of talent, and I believe that we now have the strongest leadership team we’ve ever had at BlackRock. In designing a plan to develop the next generation of leaders, we aim to elevate people who embody BlackRock’s principles — our identity as fiduciaries and innovators.
While we have many talented leaders who have lived those principles, no one embodied that identity more than Charlie Hallac, our CoPresident, who passed away last year.
Charlie was BlackRock, and to all of us who cherished him as a friend and part of our families for so many years, it is still difficult to adjust to working in a world without him. As much as anyone, he helped shape our culture and the firm’s passion for innovation — and he envisioned using technology to transform our industry in unique and powerful ways. But what enabled him to turn this vision into reality was his ability to lead people — to see their potential and develop it. He believed deeply that technology without people was nothing. That vision continues to guide us today: even as we invest in powerful new technologies, developing our people is the most fundamental element of our success.
The opportunity ahead
Each year, I have the privilege of writing to you about BlackRock to recognize our accomplishments, to address our challenges and to share with you our outlook and plans for the future. And each year, I am more excited about the pace and scale of change that the firm is undertaking to fulfill our unwavering focus on serving our clients.
14
As we continue to enhance and implement at, we will simultaneously our strategies to advance our strategic framework for creation. longterm shareholder The uncertain environment we face, , is also an opportunity to look while unsettling for out to the future, to use technology build on our platform. in innovative ways and But most important, it is an opportunity our industry — and, more than to shape the future ever before, to fulfill our founding financial futures for our mission of shaping
Sincerely,
Laurence D. Fink
Chairman and Chief Executive Officer
ADDITIONAL INFORMATION AND WHERE TO FIND IT
BlackRock, Inc. (the “Company”), its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Company’s 2016 Annual Meeting of Stockholders (the “2016 Annual Meeting”). The Company plans to file a proxy statement with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the 2016 Annual Meeting (the “2016 Proxy Statement”). Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the 2016 Proxy Statement and other materials to be filed with the SEC in connection with the 2016 Annual Meeting. This information can also be found in the Company’s definitive proxy statement for its 2015 Annual Meeting of Stockholders (the “2015 Proxy Statement”), filed with the SEC on April 17, 2015, or the Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 26, 2016 (the “Form 10-K”). To the extent holdings of the Company’s securities have changed since the amounts printed in the 2015 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.
STOCKHOLDERS ARE URGED TO READ THE 2016 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR
SUPPLEMENTS THERETO), 2015 PROXY STATEMENT, FORM 10-K AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY HAS FILED OR WILL FILE WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Stockholders will be able to obtain, free of charge, copies of the 2016 Proxy Statement (when filed), 2015 Proxy Statement, Form 10-K and any other documents filed or to be filed by the Company with the SEC in connection with the 2016 Annual Meeting at the SEC’s website (http://www.sec.gov) or at the Company’s website (http://www.blackrock.com) or by writing to the Company’s Secretary at nd
BlackRock, Inc., 40 East 52 Street, New York, New York 10022.
IMPORTANTNOTES
OPINIONS
Opinionsexpressed arethoseofBlackRock,Inc. asofMarch2016andaresubjecttochange.
BLACKROCKDATAPOINTS
All datareflectasadjusted fullyear2015resultsorasofDecember31,2015,unlessotherwise 2015organicgrowthisdefined noted. asfullyear2015netflowsdivided byassetsundermanagement(AUM)fortheentirefirm,aparticularsegmentorparticularproduct asofDecember31,2014. Long- termproductofferingsinclude activeandpassivestrategiesacrossequity,fixedincome,multiassetandalternatives,andexclude AUMandflowsfromthecashmanagementandadvisory businesses.
GAAPASADJUSTED RESULTS
SeeBlackRock’srecentlyfiledform10Kforexplanation oftheuseofNonGAAPFinancial Measures.
PERFORMANCENOTES
Pastperformance isnotindicative offutureresults. Exceptasspecified,theperformance information shownasofDecember31,2015andisbasedonpreliminary dataavailable atthattime. Theperformance datashownreflectsinformation all activelyand for passivelymanaged equityandfixedincome accounts,including registered U.S. investmentcompanies,Europeandomiciledretail fundsandseparateaccountsforwhich performance dataisavailable,including performance forhighnetworth data asofNovember30,2015. Theperformance datadoesnotinclude accountsterminated priortoDecember31,2015andaccountsforwhich datahasnotyetbeenverified. Ifsuchaccountshadbeenincluded,theperformance dataprovided mayhavesubstantially differedfromthatshown.
Performancecomparisonsshownaregrossoffeesforinstitutional highnetworthseparateaccounts,andnetoffeesforretail and Theperformance funds. shownforindexaccountsisbasedongrossoffeesperformance tracking andincludesall institutional accountsandall iSharesfundsgloballyusinganindexstrategy. AUM information basedis onAUMavailable asofDecember31,2015foreachaccountorfundintheassetclassshownwithoutadjustmentforoverlapping managementof thesameaccountorfund. Fundperformance reflectsthereinvestmentofdividendsanddistributions.
Sourceofperformance information andpeermediansisBlackRock,Inc. andisbasedinpartondatafromLipperInc. forU.S.fundsandMorningstar,Inc. fornon-U.S. funds. ©2016BlackRock,Inc. Allrightsreserved.