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Intelligible: Human Capital Is An Important Resource For

Human Capital Is An Important Resource For Video

Q3 earnings.

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Access BlackRock's Q3 earnings now. Publications and data visuals. Our thought leadership in investing, risk management, portfolio construction and trading solutions. BlackRock is a fiduciary to our clients, helping them invest for long-term goals.

Most of the money we manage is for retirement — for individuals and pension beneficiaries like teachers, firefighters, doctors, businesspeople, and many others. It is their money we manage, not Ikportant own. The trust our clients place in us, and our role as the link between our clients and the companies they invest in, gives us a great responsibility to advocate on their behalf. This is why I write to you each year, seeking to highlight issues that are pivotal to creating durable value — issues such as capital managementlong-term strategypurposeand climate change.

Quick History Lesson

We have long believed that our clients, as shareholders in your company, will benefit if you can create enduring, sustainable value for all of your stakeholders. I began writing these letters in the wake of the financial crisis. But over the past year, we experienced something even more far-reaching — a pandemic that has enveloped the entire globe and changed it permanently. It has both exacted a horrific human toll and transformed the way we here — the way we work, learn, access medicine, and much more. The consequences of the pandemic have been highly uneven. It sparked the most severe global economic contraction since the Great Depression and the sharpest fall off in equity markets since While some industries, particularly those that depend on people congregating in person, have suffered, others have flourished.

And although the stock market recovery bodes well for growth as the pandemic subsides, the current situation remains one of economic devastation, with unemployment severely elevated, small businesses shuttering daily, and families around the world struggling to pay rent and Human Capital Is An Important Resource For food. The pandemic has also accelerated deeper trends, from the growing retirement crisis to systemic inequalities. Several months into the year, the pandemic here with a wave of historic protests for racial justice in the United States and around the world.

And more recently, it has exacerbated the political turmoil in the U. This month in the U. The events at the U. Capitol are a stark reminder of how vulnerable and how precious a democratic system can be. Despite the darkness of the past 12 months, there have been signs of hope, including companies that have worked to serve their Human Capital Is An Important Resource For with courage and conviction. We saw businesses rapidly innovate to keep food and goods flowing during lockdowns.

Companies source stepped up to support non-profits serving those in need. In one of the great triumphs of modern science, multiple vaccines were developed in record time. Many companies also responded to calls for racial equity, although much work remains to deliver on these commitments. And strikingly, amid all of the disruption ofbusinesses moved forcefully to confront climate risk.

I believe that the pandemic has presented such an existential crisis — such a stark reminder of our fragility — that it has driven us to confront the global threat of climate change more forcefully and to consider how, like the pandemic, it will alter our lives.

It has reminded us how the biggest crises, whether medical or environmental, demand a global and ambitious response. In the past year, people have seen the mounting Huuman toll of climate change in fires, droughts, flooding and hurricanes.]