Another way BlackRock influences companies is by placing activists on the board of directors. Most recently, the activist investor targeted Exxon Mobile. The Wall Street Journal reports:
Exxon Mobil Corp.’s remade board of directors is debating whether to continue with several major oil and gas projects as the company reconsiders its investment strategy in a fast-changing energy landscape, according to people familiar with the matter.
Members of the board—which includes three directors successfully nominated by an activist investor in May and two other new members—have expressed concerns about certain projects, including a $30 billion liquefied natural gas development in Mozambique and another multibillion-dollar gas project in Vietnam, the people said.
CEO Larry Fink and BlackRock will contribute to making the lives of the same Americans who hand over their retirement savings to the firm worse. The country is already suffering from skyrocketing energy costs, and continued increases will cause additional increases in the prices of food and other consumer goods. Meanwhile, BlackRock is one of the largest buyers of bonds in the flailing Chinese Evergrande Group. Many financial analysts expect the company to fail, and according to Hild, the CCP has indicated Chinese investors will be first in line to recoup any losses. Just another way Fink and BlackRock put America last.
Bailed out of XOM completely asap when the hostile greenies started taking over the board. It still hasn’t recovered even though oil is high.
Just the other day the MIT 401K plan just added some BlackRock funds...
Dear MIT 401(k) Plan Participant,
On behalf of MIT, the MIT Supplemental 401(k) Oversight Committee (“Committee”) regularly monitors and reviews the investment options offered in the 401(k) Plan. Recently, the Committee, with the guidance of its investment consultant, decided to replace the Dodge & Cox International Stock Fund and make a change in the composition of the Diversified Stock Fund and Bond Oriented Balanced Fund. These fund changes will occur during the evening of November 29, 2021. Following is an explanation of the changes. You are not required to take any action.
Replacement of the Dodge & Cox International Stock Fund
The Dodge & Cox International Stock Fund will be replaced with the Harding Loevner International Fund. The Harding Loevner International Fund is an actively managed international stock fund like the Dodge & Cox International Stock Fund. A fact sheet for the new fund can be found in the MIT Human Resources Document and Form Library. Additional information about the fund will be available in a fund change notice sent by Fidelity, and in early November on Fidelity’s NetBenefits website.
Diversified Stock Fund and Bond Oriented Balanced Fund Changes
The compositions of the Diversified Stock Fund and Bond Oriented Balanced Fund are changing with the elimination of one component fund, the DFA Emerging Markets Core Equity Fund. The assets previously allocated to the DFA Emerging Markets Core Equity Fund will be moved to an existing component fund from the same asset class, the BlackRock Emerging Markets Index Fund. No other changes are being made.
The allocation of assets invested in the Diversified Stock Fund and Bond Oriented Balanced Fund before and after the change are shown below.
Diversified Stock Fund Asset Allocation Before November 29 Allocation Changes After November 29 Allocation Changes
BlackRock Russell 3000 Index Fund 65% 65%
BlackRock MSCI AWCI Ex-US IMI Index Fund 31% 31%
BlackRock Emerging Markets Index Fund 2% 4%
DFA Emerging Markets Core Equity Fund 2% 0%
Bond Oriented Balanced Fund Allocation Before November 29 Allocation Changes After November 29 Allocation Changes
BlackRock US Debt Index Fund 30% 30%
Prudential Core Plus Bond Fund 30% 30%
Vanguard Inflation Protected Securities 10% 10%
BlackRock Russell 3000 Index Fund 19.5% 19.5%
BlackRock MSCI AWCI Ex-US IMI Index Fund 9.3% 9.3%
BlackRock Emerging Markets Index Fund 0.6% 1.2%
DFA Emerging Markets Core Equity Fund 0.6% 0%
When are these fund changes being made?
Changes to all three funds will be made automatically on November 29, 2021.
The Dodge & Cox International Stock Fund replacement
The Dodge & Cox International Stock Fund will be replaced by the Harding Loevner International Fund on the evening of November 29, 2021. If you have invested in the Dodge & Cox International Stock Fund, your investments will be moved automatically to the Harding Loevner International Fund. Your election to have future contributions invested in the Dodge & Cox International Stock Fund will also be automatically changed to the Harding Loevner International Fund. No action on your part is required.
Any fund transfers that you request before 4:00pm EST on November 29, 2021, will be made before the current fund is replaced. Any investments you have in the Dodge & Cox International Stock Fund that are automatically transferred to the Harding Loevner International Fund will be available for your review on Fidelity’s NetBenefits website after 7:00am EST, November 30, 2021.
If you wish to take a different action, you can transfer the portion of your account invested in the Dodge & Cox International Stock Fund to another investment fund(s) within the MIT 401(k) Plan or change the elections for your future contributions in the Dodge & Cox International Stock Fund to another fund any time before 4:00pm EST on November 29, 2021 by logging into your account on Fidelity’s NetBenefits website or by calling the Fidelity Service Center at 877-MIT-SAVE (648-7283).
Changes to the Diversified Stock Fund and Bond Oriented Balanced Fund
The Diversified Stock Fund and Bond Oriented Balanced Fund asset allocation changes shown in the tables above will be made during the evening of November 29, 2021. If you have invested in either of these funds, the allocation changes within the funds will automatically occur. The allocation change will not change the value of your investments in these funds or the number of shares that you hold. No action on your part is required.
Why are these fund changes being made?
The Committee regularly reviews the performance and fees of the investment options in the Plan. As part of this due diligence, it compared certain funds in the Plan to alternatives with similar characteristics, evaluating their respective performance, fund transaction costs, and fund management fees. After completing its review, the Committee chose to replace the Dodge & Cox International Stock Fund as described above, and to remove the DFA Emerging Markets Core Equity Fund from the Diversified Stock Fund and Bond Oriented Balanced Fund.
Information from Fidelity
Fidelity will send you an announcement with detailed information about the fund changes. Please take the time to read the Fidelity announcement so you are fully informed about the changes taking place.
We encourage all of you to review your 401(k) account allocation regularly to confirm that it continues to be compatible with your retirement savings strategy.
If you have questions, please contact the Fidelity Benefits Center at 877-648-7283 or MIT Benefits at benefits@mit.edu or 617-253-6151.
Sincerely,
Kenneth Davies
Retirement Plans Manager