BlackRock is going "activist" on the passive side. Regardless of whether or not you agree with the approach (we don't entirely agree with the social activist element nor the activist approach to passive funds) there is great merit to the idea of holding public company management teams and Boards accountable from a strategic, tactical, operational and general Corporate Governance standpoint. Both institutional investors and company management teams need to do a better job of engaging one another. We share our ideas in episode 111.

Here is Larry Fink's open letter: https://www.blackrock.com/corporate/en-us/investor-relations/larry-fink-ceo-letter