Who Owns BlackRock? The Banks Sold Out. The Index Funds Moved In.

In 1994 Larry Fink wanted to give away part of a company that was not entirely his. The bond business he had started six years earlier inside the Blackstone Group was growing fast, and he wanted to hand equity to the people he was hiring. Stephen Schwarzman, Blackstone's co-founder, did not want Blackstone's stake cut again. As Schwarzman later told the story, the stake had already fallen from half of the business to roughly a third. The two men could not agree, so they agreed to part. Blackstone sold the unit, by then called BlackRock, to PNC for $240 million.

Nineteen years later Schwarzman called the sale "a heroic mistake". BlackRock now manages $15.3 trillion of other people's money, more than any other firm on earth.

Fink won the argument about equity. He kept the firm, and over the next three decades its ownership spread far beyond the room where that argument took place. Today he holds 250,119 shares of BlackRock, about 0.16 per cent of the company. It is not controlled by a family. It is not controlled by a bank. It is not controlled by its founders. The question people type into search engines, who owns BlackRock, has a plain answer in the company's own filings, and the plain answer is stranger than the theories.

Who Owns BlackRock? The Short Answer

BlackRock, Inc. is a public company, listed on the New York Stock Exchange under the ticker BLK. On 31 March 2026 it had 155,364,965 shares of common stock outstanding. Nobody holds a controlling stake. Two holders were above the 5 per cent line in the company's 2026 proxy statement: funds managed by BlackRock itself, with 6.17 per cent, and the Kuwait Investment Authority, acting for the Government of Kuwait, with 5.14 per cent. A Vanguard unit reported 6.87 per cent in a filing made 17 days after the proxy went out.

Behind those names stand the people whose savings sit in index funds, pension plans and sovereign wealth funds. BlackRock is owned, in the end, mostly by the same kind of savers whose money it manages, and in part by two state investment funds. That is the short answer. The longer one is about how it came to be like that, and who decides how the votes attached to those shares are cast.

BlackRock's Largest Shareholders in 2026

Shareholder tables on the web usually mix three kinds of filing as if they measured the same thing. They do not, so this piece keeps them apart.

The proxy statement (Form DEF 14A) lists the holders above 5 per cent that the company knows of from their own filings. A Schedule 13G reports beneficial ownership under the SEC's definitions, together with who holds the power to vote and the power to sell. A Form 13F reports, at the end of each quarter, the securities over which an institutional manager exercises investment discretion, and includes voting-authority information, but it does not by itself establish who bears the economic risk or how votes were actually cast. The dates differ too, and are given for every line.

Table A. Reported beneficial ownership (proxy statement and Schedule 13G)

The percentages in the proxy are measured against the shares outstanding on 31 March 2026, but the BlackRock and Kuwait lines rest on filings from 2024 and 2020. They are the latest positions those holders were required to report, not a fresh count on that date.

Table B. Institutional investment discretion (Form 13F, 30 June 2026)

The 13F percentages are our own calculation on the 155.0 million common shares outstanding on 30 June 2026. Many data sites divide by a larger count that includes units issued in the HPS deal, which makes every stake look smaller. The two Vanguard units file separately; we have added their positions together and have not been able to confirm from the filings alone that no share appears in both. Capital Group reports through three separate divisions; together they report about 4.4 per cent, of which Capital Research Global Investors is the largest. Table B shows who manages the shares, not who owns them.

Three things stand out. The largest blocks belong to fund managers, not to people. Two of the larger holders are state investment funds. And the first line in BlackRock's own proxy table is BlackRock.

From Blackstone to the Banks: BlackRock's Owners, 1988 to 2026

BlackRock's ownership has changed hands more often than its name suggests. Each change came from a deal, and each deal brought in an owner who later left.

The pattern is the point. For thirty years BlackRock was a subsidiary in all but name, first of Blackstone, then of a regional bank, then of three banks at once. Every bank left for its own reasons: Bank of America after the crisis, Barclays because the Basel III capital rules made a minority stake in a fund manager expensive to hold, PNC because, in its chief executive's words, it had "consistently reviewed options to unlock the value" of a stake that had grown to about $17 billion. Each time, BlackRock bought back part of the block and the rest went to the market.

Even in the bank years, owning BlackRock and controlling it were different things. After the Barclays deal in 2009, Bank of America held about 34 per cent of the equity but only 3.4 per cent of the votes, according to the Federal Reserve's approval of the deal. PNC held less of the equity and almost a third of the votes.

The bank with the most shares had the least say, and the bank with fewer shares had the most.

The Banks Left. The Index Funds Stayed.

The banks did not hand their shares to index funds. They sold them over a decade, in offerings and buybacks, to a broad range of buyers. When PNC sold its 34.8 million shares in May 2020, BlackRock bought back $1.1 billion of them and the rest went to institutional investors in a public offering. Over the same years, index funds, which buy every stock in an index in proportion to its size, became an increasingly important part of the market into which those shares were sold. When BlackRock entered the S&P 500, every fund tracking that index had to own it. Index fund managers are now among the largest holders of almost every big listed firm. Researchers at the University of Amsterdam found in 2017 that BlackRock, Vanguard and State Street together were the largest single shareholder in about 88 per cent of the companies in the S&P 500.

BlackRock is one of those companies. So a firm whose funds hold a slice of almost every listed company ended up held, in large part, by funds that do the same.

That produces a loop, but not the one people usually describe. BlackRock's funds hold shares in State Street, Bank of America and Morgan Stanley, because those firms sit in the indexes BlackRock tracks. State Street's index funds hold shares in BlackRock for the same reason, and Bank of America and Morgan Stanley hold BlackRock shares in the accounts they manage for wealth clients. Nobody planned the loop. It is what happens when the largest managers each buy a slice of everything, including each other.

BlackRock Appears in BlackRock's Own Shareholder Table

The first line of the ownership table in BlackRock's 2026 proxy statement reads "BlackRock, Inc." with 9,580,403 shares, 6.17 per cent of the company. The address given is BlackRock's own headquarters at 50 Hudson Yards.

These are not shares the company bought back and holds in its treasury. According to the footnote they are "beneficially owned by funds managed by subsidiaries of BlackRock, Inc.": index funds, pension mandates, iShares ETFs that track the S&P 500 and must therefore hold BLK like any other stock. The economic interest belongs to the clients. The reported position sits with the asset-management structure. And the filing on which the line rests, from February 2024, gives BlackRock sole voting power over 8,562,270 of the shares and sole dispositive power over all 9,580,403. Formally, the vote has not been given away.

What the documents describe is an outside role in deciding how those votes are cast, though they do not fully establish where advice ends and independent decision-making begins. The proxy footnote says: "Voting recommendations regarding these shares are made by an independent third party voting service provider to avoid potential conflicts of interest." BlackRock's global stewardship principles go further: "BlackRock uses an independent fiduciary to vote proxies of BlackRock, Inc.", and the firm's global stewardship committee "appoints and reviews the performance of the independent fiduciaries, generally on an annual basis." Its 2026 guidelines for actively managed funds describe a provider that makes recommendations. A recommendation and a fiduciary vote are not the same thing, and the documents do not reconcile the two descriptions. Neither of them names the firm.

This is a reasonable rule. A manager that votes its own shares at its own annual meeting could vote its own board back in forever. Handing the judgement to an outside party is designed to remove that temptation. Whether it does depends on things the public documents leave open. Who appoints the independent fiduciary is stated: BlackRock's own stewardship committee. What discretion the fiduciary exercises, whether it works to rules fixed in advance, whether BlackRock can instruct it on a particular vote, and to whom it answers, are not.

Does Vanguard Own BlackRock? Does BlackRock Own Vanguard?

The most common claim about BlackRock online is that it and Vanguard secretly own each other, and together own everything. Half of it is a matter of public record. The other half does not fit how Vanguard is built.

Vanguard funds do own BlackRock. In January 2026 the Vanguard Group went through what it called an "internal realignment". The parent company stopped managing portfolios and administering proxy voting, and its subsidiaries began reporting their holdings separately. The parent's own filing on BlackRock dropped to zero. On 27 April 2026, Vanguard Capital Management filed its first report on BlackRock: 10,700,618 shares, 6.87 per cent, as of 31 March. That filing arrived 17 days after BlackRock filed its proxy, which is why the proxy's 5 per cent table lists no Vanguard entity at all. On the 13F filings for 30 June 2026, the two main Vanguard units together reported about 12.9 million shares, roughly 8.3 per cent. On these filings, Vanguard's funds hold more BlackRock stock than BlackRock's own funds do.

One more line in that Vanguard filing matters. Of the 10.7 million shares, Vanguard Capital Management reported sole voting power over 1,460,018 and shared voting power over none, while reporting sole power to sell all of them. The filing itself does not say who holds the vote on the rest.

BlackRock cannot acquire an ordinary outside equity stake in Vanguard under Vanguard's current structure. Vanguard has no outside shareholders. The company says it is owned by its US-domiciled funds, which are in turn owned by the people who invest in them. There are no Vanguard shares on any exchange, and no line for Vanguard in any BlackRock filing as a company it owns.

So the circle does not close at BlackRock or at Vanguard. It closes at the saver: the pension member, the 401(k) holder, the person with a world index fund on a phone app. Follow most of the chains far enough and that is where they end; two of them end at a government.

Who Owns BlackRock's Owners?

The holders in the tables each have owners of their own, and they are not all the same kind. Sharing a shareholder register does not mean sharing an interest: an index fund, an active fund, a bank's wealth clients and a state fund own the same stock for different reasons and answer to different people.

Index fund managers such as State Street and Geode hold BlackRock for clients who bought a fund, not a view on BlackRock. Bank of America's holding sits largely in client and brokerage accounts. Capital Research and Wellington run active funds that chose to own the stock.

Two holders are state investment funds. The Kuwait Investment Authority, widely described as the oldest sovereign wealth fund in the world, reported its stake in July 2020, two months after PNC sold out. It reports shared rather than sole voting and dispositive power over all 7,993,064 of its shares. Temasek, owned by the government of Singapore, held about 3.4 per cent on its 13F for 30 June 2026. The two positions come from filings six years apart, so they cannot simply be added into one figure for one date; taken at face value they amount to more than 8 per cent of the largest asset manager in the United States. That is a disclosed, ordinary fact, and it is more than four times what all of BlackRock's directors and executive officers hold together. Neither position, on the evidence presented, establishes control over BlackRock or coordination between the two institutions. They are separate funds with separate mandates, and Temasek, though owned by Singapore's government, invests as a commercial company.

The insiders hold less. All 26 directors and executive officers together own 1.92 per cent, and most of that is one man: Adebayo Ogunlesi, the founder of Global Infrastructure Partners, who received BlackRock stock when BlackRock bought his firm in 2024 and now sits on its board and its global executive committee. Of the eight founders, three still sit on the board, and two of them still run the company. Robert Kapito, the president, holds 209,031 shares. Susan Wagner, a director, holds 427,407. Fink, the chairman and chief executive, holds 250,119.

Who Votes BlackRock's Shares?

Ownership answers one question: who gets the dividends and the gains. For a company like this one, four questions need to be kept apart.

A large holding is not proof of control, and voting authority is not control either. A manager that holds the vote can use it only within the mandates it has been given. Passive investing and passive voting are also different things: an index fund follows an index when it buys, but nothing obliges it to vote with the board.

BlackRock held its annual meeting online on 20 May 2026. Shareholders were asked to elect 19 directors, approve the pay of the top executives in a non-binding vote, ratify the auditor and approve a technical change to a subsidiary's charter. About 132 million of the 155 million shares were represented, around 85 per cent.

Every director was elected. Fink received 114.5 million votes for and 6.3 million against. The advisory vote on executive pay passed with 78.7 million for and 42.4 million against: about 65 per cent support, meaning that roughly one share in three that voted on the question voted no. Holders of BlackRock do push back. They push back through the same channel the company uses everywhere else: a vote cast mostly by fund managers on behalf of savers who never see the ballot.

BlackRock has tried to change that, for its own funds. In 2022 it launched Voting Choice, which lets eligible clients in index funds choose the voting policy applied to their share of the holdings instead of leaving the vote to BlackRock's stewardship team. It is a choice of policy, not a ballot. A client picks a rulebook, often one written by a proxy adviser, and the rulebook then votes on thousands of resolutions the client never reads. By 30 June 2026, $923 billion of client assets were enrolled, out of $3.96 trillion that were eligible. That is about 23 per cent of the eligible assets, and about 6 per cent of the $15.3 trillion BlackRock manages in total.

The rest is still voted by the managers, within the limits of their mandates, their fiduciary duties and the regulations that bind them. The law professors Lucian Bebchuk of Harvard and Scott Hirst of Boston University estimated in 2019 that BlackRock, Vanguard and State Street together cast about a quarter of the votes at S&P 500 companies, and that their share could reach 40 per cent within two decades. In November 2024, Texas and twelve other states sued the three firms, arguing that they had used their stakes in coal producers, through votes and engagement, to push down coal output in breach of antitrust law. Vanguard settled in early 2026 for $29.5 million without admitting wrongdoing, and committed to use commercially reasonable efforts to offer proxy voting choice for at least half of its US equity fund assets by June 2027. The case continues against BlackRock and State Street.

The owners of BlackRock and the voters of BlackRock are, for the most part, different people.

BlackRock has owners that do not vote and voters that do not own.

The savers own the shares. The managers vote them. And for the shares held in BlackRock's own funds, the judgement on how to vote has been handed to an outside party chosen by BlackRock's own stewardship committee rather than by the funds' investors.

Who Chooses the Rules?

A shareholder vote looks like a decision made at a single moment. Someone votes for a director, against an executive pay package, or in favour of a corporate proposal. The record shows the result. It rarely shows the chain of decisions that produced it.

For an individual shareholder, that chain can be short. The investor receives the ballot and makes a choice.

For shares held through an investment fund, the chain is longer. A client chooses a fund. The fund operates under an investment mandate. Voting authority is assigned under that mandate. A stewardship policy or a client-selected policy guides the vote. In some circumstances, an independent fiduciary or external adviser enters the process. Each step answers a different question: who owns the economic interest, who has authority to vote, who sets the policy, who applies it, and who can change the arrangement.

Voting Choice addresses one part of that chain by letting eligible clients pick how votes are directed. The arrangement for BlackRock's own shares addresses another part by bringing in an outside party to manage a conflict of interest. But even when a client chooses a policy, someone wrote the policies on offer, someone decided which options appear, someone set the default, and someone decides what happens when a resolution falls outside every rulebook.

The power to decide a vote can sit with whoever presses the button. It can also sit with whoever decides which buttons exist.

Neither arrangement can be understood from the shareholder register alone. Knowing who owns BlackRock tells us where economic interests are recorded. Understanding who influences BlackRock means following the authority to vote, the policies governing that authority, and the institutions responsible for applying them. That distinction is not evidence of hidden control. It is evidence that ownership and decision-making are different things, and that a shareholder list cannot explain both.

How BlackRock's Own Shares Voted on BlackRock's Pay

US registered funds generally disclose their proxy voting records once a year, on Form N-PX, item by item. The reports for the year to 30 June 2026 were filed at the end of August. They make it possible to see how two of the largest index groups voted on the one resolution where BlackRock's holders openly disagreed with the company: the pay of its top executives.

The 34 funds of iShares Trust, BlackRock's main ETF trust, reported voting 3,841,611 BlackRock shares on that resolution. They voted 99.87 per cent of them for. Every vote against came from one fund, the iShares Core S&P 500 ETF, which cast 1,853,645 shares, of which 5,120 went against. The report does not say why those shares were voted differently, and we draw no conclusion from it.

Four funds of Vanguard Index Funds, the trust behind Vanguard's 500 Index and Total Stock Market funds, reported 8,545,186 BlackRock shares voted on the same item. Of those, 99.90 per cent went for; 8,123 went against.

Executive pay vote, 20 May 2026: index-fund votes by fund (Form N-PX)

How the count was made: I went through all Form N-PX vote tables filed by iShares Trust on 28 August 2026 (six filings with vote tables) and by Vanguard Index Funds on 27 August 2026 (twelve filings), searched for CUSIP 09290D101 and the item categorised as a say-on-pay vote. Vanguard reports each vote once without and once with its adviser named as co-manager; each vote is counted once. Share counts are rounded to whole shares. Abstentions: none reported. Scope: these two trusts only; other BlackRock and Vanguard trusts that hold BlackRock stock are not included.

These are two trusts, not every fund run by BlackRock or Vanguard. Other BlackRock and Vanguard trusts that hold the stock file their own reports, and they are not counted here. Together the two trusts cast about 12.4 million of the roughly 121 million votes on the item, about a tenth. Of the 42.4 million votes against, they cast about 13,000, or 0.03 per cent. The dissent came from outside the two index-fund groups examined here. The available records establish where it did not principally come from; they do not, by themselves, identify the institutions responsible for it. Active managers are an obvious candidate, but showing that would require going through the voting reports of the remaining holders, which this piece has not done.

What the records do show is that the two large index groups examined, BlackRock's included, voted with management on what BlackRock pays the people who run it, almost to the share, while a third of the votes cast went the other way. That is one vote, in one year. It illustrates how the structure can work; it does not prove how it works every time.

The Strongest Case Against This Reading

The strongest objection is that this is exactly how a healthy public company should look. Dispersed ownership, no controlling family, an independent lead director and a board where 16 of 19 nominees are independent: that is the textbook answer to the governance problems of the 1980s, not a symptom of anything.

On this view the outside fiduciary is a safeguard, not a gap. Being appointed by BlackRock's committee does not make it dependent on BlackRock; plenty of independent auditors and trustees are appointed by the people they check. Whether it really is independent turns on questions the documents leave open: its contract, whether it can be instructed or dismissed mid-term, and what it discloses. Without those, a governance question can be raised, but not answered, and certainly not answered with "the independence is a façade".

The objection continues with the limits on the managers. Index funds are not obliged to vote with management, and they do not always do so elsewhere. A manager that holds many votes is still bound by fiduciary duties, fund documents, regulation, client preferences and the risk that clients leave. And a third of the votes went against executive pay. That is not a captured shareholder base. Voting Choice, whatever its uptake, is a real transfer of power from manager to client that no regulator required, and one that Vanguard, which runs its own version, has now promised in a settlement to widen.

That case is strong, and on motive it may be right. It does not change the structure. The question this piece asks is not whether BlackRock is run badly but whether "who owns it" is the question that tells you who decides. It is not. The ownership is spread across millions of savers. The voting authority is concentrated in a few managers and, for BlackRock's own block, the judgement is exercised by a fiduciary the proxy does not name. Three things are easily confused here and should be kept apart: transparency, which is knowing who votes; accountability, which is someone being answerable for how they voted; and decision power, which is who actually decides. Third-party voting can reduce conflicts of interest. Whether it improves transparency and accountability depends on what is disclosed about the fiduciary, its mandate and its decisions.

No single event would overturn this reading, but three developments would wear it down, and they are worth watching in that order. If most eligible index assets at BlackRock and Vanguard moved into voting choice, decision power would shift toward savers, though only as far as savers choose policies themselves rather than accept a default written by someone else. If BlackRock named its independent fiduciary and reported how that fiduciary voted at BlackRock's own meetings, its largest block would become accountable rather than merely transparent. And if a single owner, a state fund or a merger partner, built a controlling stake, the old question of ownership would matter again. The reading would also weaken if the big index blocks began to vote against management at BlackRock as often as the active holders do.

Back to 1994

Schwarzman later called the sale a mistake. He had surrendered an interest in a business that would become the world's largest asset manager.

Fink won the argument about spreading ownership. Three decades later, his own reported shareholding amounts to less than one-fifth of one per cent. The banks that once held enormous blocks are gone. In their place stands a dispersed register of investment funds, institutional managers, state investors and individual shareholders.

But the dispersal of ownership did not make every investor an individual decision-maker. The economic interests sit with the people and institutions invested in the shares. Voting authority follows a different route: through funds, mandates, stewardship policies, client choices and, for shares of BlackRock held by its own managed funds, arrangements intended to stop the company from voting on itself.

The 2026 vote on executive pay made one part of that structure visible. The two large index-fund groups examined here supported management almost unanimously, even as the proposal drew opposition from a third of the votes cast. That result does not prove that the managers acted together. It does not establish that an independent fiduciary lacked independence. And it does not identify every shareholder responsible for the dissent.

It establishes something narrower, and more useful. A shareholder register tells us who is reported to hold an interest. A voting record tells us how particular shares were voted. Neither, by itself, explains the full chain of authority behind the decision.

In 1994, the argument was about who should own the company. In 2026, the harder question is who gets to decide how its owners speak.

Questions Readers Ask

Who owns BlackRock?

BlackRock is a public company owned by its shareholders, and nobody holds a controlling stake. In its 2026 filings the largest reported holders were a Vanguard unit (6.87 per cent), BlackRock's own client funds (6.17 per cent, on a 2024 filing) and the Kuwait Investment Authority (5.14 per cent, on a 2020 filing). On 13F filings for mid-2026, State Street, Temasek and Bank of America managed roughly 3 to 4 per cent each, and Vanguard's units about 8.3 per cent together.

Who is BlackRock's largest shareholder?

In BlackRock's own 2026 proxy statement, the first listed holder is BlackRock itself: 9.58 million shares held in funds it manages for clients, about 6.17 per cent, based on a filing from 2024. A Vanguard unit reported a larger stake, 6.87 per cent, in a filing made after the proxy was printed. Recommendations on how to vote BlackRock's own fund holdings come from an independent third party, which BlackRock's global stewardship committee appoints and reviews.

Does Vanguard own BlackRock?

Vanguard funds own part of BlackRock, about 8 per cent across its units in mid-2026. But BlackRock cannot acquire an ordinary outside stake in Vanguard under Vanguard's current structure. Vanguard has no outside shareholders; it is owned by its US-domiciled funds, which are owned by their investors.

How much of BlackRock does Larry Fink own?

According to the 2026 proxy statement, Fink beneficially owned 250,119 shares as of 31 March 2026, about 0.16 per cent of the company, plus 14,297 deferred and restricted stock units and options. All 26 directors and executive officers together owned 1.92 per cent.

Is BlackRock owned by the Rothschilds or another family?

There is no credible evidence that the Rothschild family controls BlackRock. Its disclosed ownership structure consists mainly of institutional investors, managed funds, two state investment funds and other shareholders, and no family appears among its reported large holders. Claims of secret Rothschild control usually draw on long-running antisemitic conspiracy narratives rather than on verifiable corporate records.

Does a foreign government own part of BlackRock?

Two state investment funds hold disclosed minority stakes, and neither controls the company. The Kuwait Investment Authority reported 5.14 per cent in 2020, and Singapore's Temasek held about 3.4 per cent in mid-2026. Nothing in the filings shows the two acting together.

Evidence Map

Facts, interpretations, forecasts, and disconfirming signals.

Core claim. BlackRock has no controlling owner. Over thirty years its bank owners sold out and its shares passed to index funds and other diversified holders, including BlackRock's own client funds, the first line in its proxy table. Economic ownership ends mostly with savers, but voting authority sits mostly with fund managers, and for the shares in BlackRock's own funds an unnamed outside party, chosen by BlackRock's stewardship committee, has a role in deciding how they are voted.

Evidence by level.

• A, primary documents checked directly: BlackRock's 2026 proxy statement (holders, voting and dispositive powers, insiders, the third-party voting footnote); Vanguard Capital Management's Schedule 13G of 27 April 2026; the Form 8-K with the 2026 vote results; the Form N-PX reports of iShares Trust and Vanguard Index Funds, counted fund by fund; the 13F-HR filings for the quarter to 30 June 2026 of every manager in Table B.
• B, official records and independent reporting not re-opened for this version: the Federal Reserve's 2009 approval order (equity and votes); the ownership history from 1988 to 2020 (company announcements, PNC's 2020 filing, contemporary reporting); Schwarzman's "heroic mistake" (Bloomberg, 2013); the Texas antitrust suit and Vanguard's settlement.
• C, research: Fichtner, Heemskerk and Garcia-Bernardo (2017) on the 88 per cent; Bebchuk and Hirst (2019) on the Big Three's share of votes.
• D, statements by interested parties: BlackRock's stewardship principles and Voting Choice figures; Vanguard's description of its own ownership; Schwarzman's account of the 1994 dispute.
• E, my own inference, marked in the text: that ownership, voting authority and control have to be kept apart to see who decides at BlackRock; that the dissent on pay came mainly from outside the two trusts examined. The fund-by-fund vote counts and the 13F percentages are my own calculations from the filings. On 11 October 2026 a separate research agent, given only the questions and the filings and not this piece, reconstructed them independently and reached the same figures; no human reviewer has yet repeated the count.

What would weaken or break this. A majority of eligible index assets enrolled in voting choice, with clients choosing policies rather than defaults; disclosure of the fiduciary, its mandate and its votes at BlackRock meetings; index blocks voting against management at BlackRock as often as other holders; a single holder building a controlling stake; or an outside count of the N-PX votes that differs materially from the one shown here.

Watchlist. BlackRock's annual proxy and 8-K vote results each spring; Schedule 13G filings by Vanguard units, the Kuwait Investment Authority and Temasek; quarterly 13F data; Form N-PX each August; Voting Choice figures in BlackRock's results; the Texas antitrust case against BlackRock and State Street.

Sources. SEC EDGAR: BlackRock 2026 proxy statement, Vanguard Capital Management 13G, 8-K filings; Form N-PX of iShares Trust and Vanguard Index Funds; Form 13F-HR of Vanguard Capital Management, State Street, Temasek and the other managers in Table B. BlackRock stewardship principles and Voting Choice. Bloomberg (2013); Fichtner, Heemskerk and Garcia-Bernardo (2017); Bebchuk and Hirst (2019); Federal Reserve approval order, 2009.

Jerry van der Laan is an independent analyst and the author of The Manifest Archive.

Related from The Manifest Archive

• BlackRock, Vanguard and State Street: The Monopoly No One Designed
• BlackRock: No Beneficial Ownership. Systemic Governance Capacity.
• Who Owns the Federal Reserve?
• The Vatican Blessed Inclusive Capitalism. BlackRock Counts the Votes.