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Blackrock dissatisfied with salary levels and efforts at Danske Bank and A.P. Møller-Mærsk

Blackrock voted against proposals from the boards of Danske Bank and A.P. Møller-Mærsk including a 40 percent salary increase to the chairman of Danske Bank. Danish pension fund MP Pension recognizes the move but would like to see Blackrock also stepping up later this week in a vote to stop coal financing at Japan’s third-biggest bank.

Christian Hyldahl, Co-head of Blackrock's European division. | Photo: Rune Aarestrup Pedersen/ERH

During annual general meetings in Danske Bank and A.P. Møller-Mærsk, the world's largest asset manager voted against some of the proposals from the boards including a 40 percent salary increase to Danske Bank's chairman, Karsten Dybvad.  At A.P. Møller-Mærsk, Blackrock made it clear that chairman Jim Hagemann Snabe holds "an excessive number of seats," as he is also chairman of Siemens and sits on the board of insurance company Allianz.

"At Blackrock, we do many things for sustainability, some are suspicious – because are we really doing it? But the fact is that Blackrock is a machine and it has committed to being a leader in sustainability and responsible investments, and that machine is unmatched when it comes to delivering," Christian Hyldahl, Co-head of Blackrock's European division, tells Danish business daily Børsen.

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