Larry Fink, Chief Executive Officer of the World’s Largest Asset Manager BlackRockA shareholder movement which encourages businesses to concentrate on society’s interests as much as profit has been defended by.

Fink reaffirmed the points he made in his previous January mails to CEOs. Fink urged them all to be more purposeful and take into account issues such as climate changes.

Fink stated that stakeholder capitalism does not involve politics in his letter late Monday, entitled The Power of Capitalism. It isn’t woke. It’s capitalism.

Fink, aged 69, supported BlackRock’s position in engaging companies on carbon transformation rather than divingstment altogether. Fink said the companies could not be considered the “climate police”, but they should cooperate with governments.

“Divesting from entire sectors – or simply passing carbon-intensive assets from public markets to private markets – will not get the world to net zero,” he said. BlackRock is not advocating divestment in oil and natural gas companies.

Fink is the biggest asset manager in the world, overseeing more than $10 trillion by Dec. 31.

Fink revealed plans to establish a Center for Stakeholder Capitalism in Monday’s Letter. This Center will be a forum for dialogue and research. Fink said the center will be used to study relationships between companies’ stakeholders.

Fink said also that BlackRock was expanding an initiative for investors using technology to vote by proxy.

BlackRock, after years of being criticized by activists on issues related to climate, changed its course and in 2021 cast more critical proxy votes, such as supporting calls for emissions reports and the disclosure of data about workforce diversity.

The fund manager also faced opposition from conservative U.S. lawmakers. Riley Moore, West Virginia’s State Treasurer, announced Monday that his agency will no longer be using a BlackRock liquidity account, which last held $21.8 million in January.

Moore stated in a release that BlackRock had dealts with China. He also noted that BlackRock encouraged companies to use “net zero” strategies for investment, which would hurt the oil, natural gas and coal industries.

A BlackRock spokesman declined comment. BlackRock acknowledged in December that it will continue to invest in fossil-fuel investments.